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.
The FST orders the FSCA to reconsider key decisions regarding the Municipal Employees Pension Fund, saying the regulator overstepped its authority.
The Authority has issued a request for up-to-date information on trustees so it can check whether they are compliant.
Muvhango Lukhaimane will also consult with trustees on guidelines for naming and shaming problematic funds, administrators, and employers.
The system is driving a shift in how members engage with their retirement funds. Members are monitoring their savings and reacting to market fluctuations, says Old Mutual.
Funds made different calls on the conditions for the exclusion of provident preservation fund members and the seeding date for members who opt in.
The SA Retirement Annuity Fund is looking to the Supreme Court of Appeal to overturn a High Court decision in favour of the Pension Funds Adjudicator.
Despite relatively low overall withdrawal rates, 24% of claimants are using their retirement savings for home or car repairs and 21% for settling short-term debt.
Financial advisers should understand the broader implications on tax planning, retirement savings, and investment strategies to guide their clients effectively.
The tax structure aims to be progressive, with low-income earners paying little to no tax on withdrawals, while high earners are taxed more.
More than 60% of two-pot withdrawal applicants have come from low-income groups, according to Momentum’s latest figures.
The Authority is seeking information on how much it costs retirement funds and administrators to adapt their systems for the new two-pot structure.
The Pension Funds Adjudicator is looking to implement a 4.7% increase in its levy, raising the cost to retirement funds by 49c per eligible member.
The introduction of the two-pot retirement system has triggered a wave of withdrawal applications, prompting concerns over tax liabilities and the need for improved financial education.
The Mafube Local Municipality is accused of withholding nearly R38 million in employee retirement fund contributions.
