Adjudicator urges funds and members to communicate to avoid two-pot complaints
Members should find out whether they will be eligible to withdraw money from their savings components.
#retirementfunds
FSCA publishes ‘two pots’ guidance for defined-benefit funds
If a fund cannot follow the standard allocation methods, it must apply for FSCA approval to use an alternative, reasonable method.
Government seems to back away from prescribed assets
The FSCA says prescribed assets will compromise the fiduciary duty of retirement fund trustees.
When does the countdown for tracing a fund member’s dependants start?
High Court hands down a decision on the interpretation of the tracing provision in section 37C of the Pension Funds Act.
Why retirement fund trustees should pay attention to the newly signed Companies Amendment Bills
The Companies Amendment Bills impose crucial changes to remuneration disclosure and shareholder approval that trustees must integrate into their governance practices.
Two pots: how withdrawals from DB funds will differ
Actuarial calculations may affect the costs and time for defined-benefit fund withdrawals, depending on the rules of the fund and the complexity involved.
Proposed Regulation 28 amendment – are prescribed assets coming back?
The Cabinet is considering introducing new asset classes to leverage retirement savings for industrial financing.
Guidelines published on how to file arrear contribution reports
The FSCA says submissions have either not been in the prescribed format or contain incorrect information.
Two pots: Alexforbes predicts R50bn asset outflow in the first year
The impact on capital markets should be minimal considering that most funds hold considerably more than 1% in cash, says Dawie de Villiers.
No savings pot withdrawal in September if your balance is less than R2 000
The Actuarial Society of South Africa urges retirement fund members to check their benefit statement to see whether they will qualify for a withdrawal.
Fund rapped for not giving a member a hearing before deciding to withhold his withdrawal benefit
The member, along with two others, was criminally charged because of allegedly fraudulent conduct that cost the employer R4 million.
Failure to act timeously over arrear contributions places members’ benefits at risk
Over half of the awards issued by the Pension Funds Adjudicator for complaints about unpaid contributions were affected because part of the claim had expired.
New deadlines for completing the Trustee Training Toolkit
The FSCA has launched the second and final batch of the 22-module online course for board members of retirement funds.
Arrear contributions: 10 employers should not have been on the list
The FSCA publishes its latest list naming thousands of entities that allegedly owe retirement fund contributions.
Two pots: administrators encouraged to submit draft rule amendments
The FSCA expects to receive a large number of amendments, so it would like to have prior sight of the proposed amendments beforehand.
FSCA finalises new Interpretation Ruling on section 37C of the PFA
Interpretation Ruling 1 of 2020 incorrectly brought an unclaimed benefit within the ambit of section 37C of the Pension Funds Act.
Two pots: proposed implementation date is neither 1 March 2024 nor 1 March 2025
The Minister of Finance responds to the Standing Committee on Finance’s call for the implementation date to be moved to 1 March next year.
