The ruling underscores that disputes over unapproved disability claims underwritten by insurers through employer-held policies must be addressed with employers and insurers.
The company says 32% of its membership base have submitted claims with a value of about R6.5 billion.
The FSCA, National Treasury, and the Pension Funds Adjudicator tell MPs what they are doing to address the non-payment of retirement fund contributions. Regulatory interventions other than COFI may be in the offing.
The FSCA is evaluating whether administration fees are reasonable. If it believes they are not, it will explore whether it is necessary to cap or regulate fees.
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.
