Old Mutual’s Andrew Davison highlights why the two-pot system could lead to better retirement outcomes – and what trustees and advisers need to consider to make it happen.
FSCA plans to issue guidance on what it considers to be a fair and transparent approach to transaction fees.
With over R5.2 billion in unpaid retirement fund contributions and municipalities among the worst offenders, the FSCA is poised to gain expanded powers under the COFI Bill.
A longer annexure of employers who have cleared their arrears or arranged to do so signals the effectiveness of the Authority’s ‘name and shame’ campaign.
Some 20% of applications for tax directives were rejected.
More than 361 000 members of the GEPF have accessed their savings under the two-pot system, averaging R27 500 per claim.
Carina Wessels of Alexforbes discusses the urgent need for retirement funds to ‘learn forward as they lean forward’ to ensure long-term sustainability and relevance.
After years of stalled progress, the FSCA’s recent comments suggest National Treasury may renew its push for auto-enrolment.
The ‘imminent’ COFI Bill will introduce the licensing of retirement funds (including public sector funds), stricter board member standards, and enhanced oversight of contributing employers.
Earlier counselling can help members to make more sustainable financial choices, allowing them to embrace retirement with less stress and greater financial integrity.
SARS can appoint third parties to deduct tax debts directly from retirement funds, overriding the protections under the Pension Funds Act.
The increase is below the 6% CPI-related increase permitted by the Levies Act.
Financial advisers warn that even small withdrawals can significantly erode retirement income over time.
Among other things, the revised Amendment Bill will clarify how funds should calculate seeding when provident fund members choose to join the system.
Mika Adsetts, global chief investment officer of Momentum Multi-management, says that while PPPs are crucial for advancing infrastructure goals, an array of investments is key to scaling these projects.
In September, Sanlam received more than 83 000 withdrawal claims, with most coming from members aged 35 to 44, many of whom had a replacement ratio below 50%.
SARS has processed more than 1.2 million tax directives for savings component withdrawals, paying out R21.4 billion to fund members.
