The Labour Appeal Court (LAC) has ruled that an employee who worked for four years after he reached retirement age was entitled to severance pay based on his entire period of employment, not only the four years after he retired. Werksmans Attorneys says the case is important because the court found that a break in […]
Retirement – particularly forced retirement – of financial advisers poses problems not only for advisers and their practices, but also for their clients, says Guy Holwill, the chief executive of Fairbairn Consult. Young advisers typically start working with people in a similar age bracket, and they form friendships over the next 20, 30 or 35 […]
Alexander Forbes says it supports National Treasury’s proposed “two-bucket” system, as its latest Member Insights highlighted non-preservation as the main reason only 6% of fund members can expect to retire with a replacement ratio of more than 75%. The average fund member can expect a replacement ratio of 40.51%, while the actual ratio in 2020 […]
The key findings of Just SA’s latest tracking study Retirement Insights 2020 reveal the knock in confidence suffered by South African retirees and pre-retirees as a result of COVID-19, which has altered their views on the best way to invest their retirement savings. This year the “lite” tracking study specifically assessed the impact of COVID-19 […]
The 10X Investments’ Retirement Reality Report (RRR20) discussed last week, confirmed SA’s looming retirement crisis and delved deeper into factors affecting people’s retirement planning in South Africa. Looking at the role of employers in South Africa’s retirement crisis, RRR19 shone a light on the missed opportunity of actively engaging employees in the savings process to […]
The annual 10X Investments’ Retirement Reality Report (RRR20), released last week, is one of the most significant surveys published in a long time. It is of specific importance to financial advisers who face the difficult task of having to convince clients to prepare for the inevitable. Earlier this year, the Old Mutual Savings & Investment […]
The annual 10X Retirement Reality Report indicates that saving for retirement is effectively insurance against outliving working life. Although this is a valid argument, why does such a high percentage of respondents not have a plan? Here are some of the reasons emanating from the survey: ● I cannot afford to save; I have nothing […]
Towards the end of July 2020, National Treasury published the Draft Taxation Laws Amendment Bill, 2020. One of the proposals relates to an overhaul of the rule for taking retirement funds abroad. In a parliamentary briefing last week, Treasury responded to the submissions on the new bills alongside the South African Revenue Service (SARS). It […]
In a recent communication the FSCA reminded all Boards of retirement funds and their administrators of the binding force of a fund’s rules in terms of section 13 of the Pension Funds Act, 1956, and in particular the impact thereof in respect of a Board’s terms of office. According to the communication the FSCA has been […]
The Institute of Retirement Funds Africa recently held and facilitated a Webinar on “Retirement Fund Contribution Options in the time of COVID-19,” and it is now freely available to employers, retirement funds and the general public. The Webinar features a panel of legal and subject matter experts and examines regulatory parameters in terms of options […]
