Treasury withdraws plan to tax foreign pensions, pledges wider consultation
Although the amendment will not proceed, Treasury remains concerned about double non-taxation and will re-engage with the industry to find a balanced approach.
#retirementfundbenefits
SA residents face taxation on previously untaxed foreign pension benefits
The amendment treats foreign pension benefits like other residence-sourced income, shifting the retirement planning landscape for South Africans who worked overseas.
Treasury publishes tax changes affecting pensions, trusts, and individuals
In addition to foreign pensions and trust income, the measures affect death benefits, child maintenance, capital distributions by unit trusts, and assessed losses.
FSCA eases section 14(1) rules for retail retirement fund transfers
The final Notice removes confusing references to section 14(8), but calls for a wholesale carve-out of retail-to-retail transfers were turned down.
FSCA moves to simplify RA and preservation fund transfers
In response to industry calls, the Authority has drafted an exemption from the section 14(1) process for retail retirement funds.
Amended Conduct Standard for section 14 transfers takes effect
The Authority has withdrawn the temporary exemption for retirement fund transfers, signalling the full implementation of updated regulatory requirements.
Retirement funds get exemption from using prescribed section 14 transfer forms
The exemption will apply pending the finalisation of the consultation process on the draft amendments to Conduct Standard 1.
FSCA sets out how benefit transfers must be effected during transition to two pots
The Authority also publishes the proposed changes to the section 14 application forms for public consultation.
FSCA proposes amending the conditions for section 14 transfers
The draft amendments address the misalignment between the current prescribed section 14 application forms and the upcoming two-pot regulations.
