10 predictions for this week’s Budget
Minister of Finance Enoch Godongwana will deliver his maiden Budget speech on Wednesday. After almost two years since South Africa declared a State of Disaster in light of the Covid-19 pandemic, the economic […]
Retirement Funds
High Court orders insurer to reconsider unfair debarment carried out in 2016
The applicant only became aware in May last year that the decision to debar her constituted administrative action.
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How taxing annuities at the fixed PAYE rate will affect pensioners
The latest move by the South African Revenue Service (Sars) to require the withholding of PAYE from annuity payments at an “effective tax rate” as required in directives issued to payers of annuities […]
Retirement fund members can buy a mix of annuities
The Taxation Laws Amendment Act (TLAA) of 2021, which, among things, gives retirement fund members greater flexibility in terms of the type of annuities they can purchase, was promulgated on 19 January. The […]
FSCA withdraws proposed hedge fund conduct standard
The FSCA has withdrawn a proposed conduct standard for retirement fund investments in hedge funds, saying subsequent events have made the standard unnecessary. The draft standard was published by the erstwhile Financial Services […]
Provident fund costs down, but pension funds and RAs more expensive, according to report
Average administrative costs per retirement fund member increased from 2006 to 2018, but this overall increase conceals that average costs have fallen for particular fund types and classes and benefit structures. This is […]
Why the Actuarial Society believes Treasury’s two-bucket system is likely to triple pension incomes
The Actuarial Society of South Africa (ASSA) has released research suggesting that National Treasury’s “two-bucket” proposal, which will allow retirement fund members to access a portion of their retirement benefits for emergencies, will […]
SA doesn’t need more than 50 retirement funds, says Sanlam’s Gluckman
David Gluckman, the chairperson of the Sanlam Umbrella Fund, the third-largest umbrella fund in South Africa, has backed calls by National Treasury and Finance Minister Enoch Godongwana for greater consolidation in the retirement-funding […]
SA doesn’t need more than 50 retirement funds, says Sanlam’s Gluckman
David Gluckman, the chairperson of the Sanlam Umbrella Fund, the third-largest umbrella fund in South Africa, has backed calls by National Treasury and Finance Minister Enoch Godongwana for greater consolidation in the retirement-funding […]
Update on endorsement of rule amendments of retirement funds
In a recent communication, the Financial Sector Conduct Authority (FSCA) informed the retirement fund industry that it is in the process of finalising the endorsement of (urgent) amendments to rules of funds received […]
Divorce and your retirement savings
Although the official statistics for South Africa’s divorce rate during COVID-19 are yet be released, StatsSA, in its 2019 Marriages and Divorces report, found that the divorce courts processed 23,710 divorces. Globally, the […]
Rebuilding the retirement savings – Employers play huge role
Last year, at the height of the pandemic, many businesses were forced to make remuneration cuts to salaries of employees, with the first casualty often having been occupational retirement savings vehicles. This resulted […]
Rebuilding the retirement savings – Employers play huge role
Last year, at the height of the pandemic, many businesses were forced to make remuneration cuts to salaries of employees, with the first casualty often having been occupational retirement savings vehicles. This resulted […]
Regulation in the time of COVID-19 and beyond – Trends impacting retirement funds
“The retirement funds sector in South Africa has seen significant change in the past few years – with the focus largely on stronger regulation to protect the interests of members. There can be […]
The prescription of assets – ASISA’s position
ASISA has recently added the following to their website: Their position on the prescription of assets; A PowerPoint presentation by Gill Raine, senior policy adviser at ASISA; and A column on the topic […]
