Treasury favours conditional access to retirement pot for retrenched workers
It is also open to discussions on letting members transfer all their vested savings into their retirement and savings components.
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Final legacy RA exemption conditions published
Commentators did not raise any significant concerns in their responses to the draft conditions, the FSCA says.
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.
Proposed conditions for legacy RAs to be exempted from two-pot system
Among other things, funds will have to show that participating in the two-pot system will negatively impact members’ benefits.
How the process to make withdrawals from the savings ‘pot’ will work
Retirement fund members must ensure their fund has their correct details and they are registered as a taxpayer with SARS.
FSCA alerts funds of consequences if two-pot rule amendments aren’t submitted by 31 July
Funds that cannot pay withdrawals because their rules are invalid must inform members why they may not be allowed to access their benefits.
