Despite fears of mass withdrawals, early data shows most members are preserving their two-pot savings – a shift that could leave South Africans up to four times wealthier in retirement.
The FSCA’s Zareena Camroodien provides a comprehensive overview of regulatory developments and strategic goals affecting the retirement sector.
IRFA president Geraldine Fowler calls on retirement funds to invest for impact, strengthen operations, and shape reforms, stressing their power to drive both financial security and societal change.
The majority finds the accreditation mechanism effectively coerced funds to amend their rules or risk losing employer contributions – undermining trustees’ fiduciary duties under the PFA.
For smaller employers facing rising compliance and governance costs, umbrella funds usually deliver better cost-efficiency and reduced fiduciary risk.
Dependency is assessed at the member’s date of death, and trustees must conduct active investigations and apply a principled equitable allocation process.
In addition to foreign pensions and trust income, the measures affect death benefits, child maintenance, capital distributions by unit trusts, and assessed losses.
The Tribunal agrees with the Authority that the rule amendment was void because the employer-appointed trustees were asked to leave the meeting during the deliberations.
The Department of Employment and Labour is withdrawing a determination that prevented inspectors from enforcing section 34A of the BCEA.
The Adjudicator breached audi alteram partem by making adverse findings about a Fund’s investigation without giving it a substantive opportunity to respond.
The Constitutional Court rules that whether someone qualifies as a dependant must be determined as at the date of a retirement fund member’s death, not when the fund decides how to distribute the benefit.
A breakdown of the provisions that are in effect now, and those that come into operation in six or 12 months.
The Constitutional Court finds that a fund relied on unverified, one-sided information and failed to establish the extent of factual dependency.
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.
Even after record withdrawals, retirement fund assets expanded in the third and fourth quarters of 2024, driven by movements in financial markets.
Alexforbes has launched Alexforbes One, its third umbrella fund and first designed for both internal consultants and IFAs, marking a major step in its strategy to strengthen ties with advisers.
Muvhango Lukhaimane says the SALA Pension Fund’s refusal to engage with her Office’s enquiries constitutes a breach of the fund’s fiduciary obligations.
