Two-pot’s billion-rand bill: future fund members could carry the cost
The FSCA finds wildly inconsistent withdrawal charges under the two-pot retirement system, with some members paying up to R750 per transaction.
#twopotretirementsystem
Funds ‘must do more’ to hold employers accountable for arrear contributions
The OPFA on how retirement funds should address non-compliant employers, death benefit allocations, and requests to withhold benefits.
FSCA’s three-year regulatory strategy anchored in COFI roll-out
A revamped licensing schedule and an enhanced Integrated Regulatory Solution platform will form the backbone of COFI-aligned supervision.
Three-quarters of withdrawals in the new tax year are repeat claims
Many fund members are tapping into their savings components as soon as the tax window opens, data from the Actuarial Society indicates.
Member’s withdrawal bid denied as two-pot rules exclude legacy RAs
The Pension Funds Adjudicator rules the fund acted within the law when it refused a member’s request to dip into his FlexiPension plan.
South Africans swipe more, save less as financial strain deepens
The SpendTrend25 report reveals how high interest rates and stagnant incomes are pushing consumers towards credit, loyalty rewards, and early retirement withdrawals.
Groceries, gadgets and gaps: where two-pot savings are really going
Sanlam reports that most withdrawals came from financially strained members in mid-life, with little evidence that funds were used to reduce debt. Instead, spending patterns suggest pressure to cover everyday expenses.
Retirement pot withdrawals could undermine long-term savings
Danie van Zyl of Sanlam Corporate Investments warns that allowing access to retirement components in retrenchment cases might jeopardise long-term savings and place added pressure on trustees.
SARS’s enhanced compliance efforts add R301.5bn to revenue
The South African Revenue Service outperformed its revised estimates for 2024/25, buoyed by strong personal income tax, VAT, and company income tax collections.
Amended Conduct Standard for section 14 transfers takes effect
The Authority has withdrawn the temporary exemption for retirement fund transfers, signalling the full implementation of updated regulatory requirements.
FSCA discloses approach to regulating a rapidly changing financial sector
Unathi Kamlana says the Authority will support the integration of advanced technologies and strengthen frameworks for consumer protection, cyber resilience, and financial inclusion.
Old Mutual’s operating profit up 4%, led by Insure and Investments
Exceptional underwriting in Old Mutual Insure and a 37% jump in Investments drive overall strength, but Corporate’s life insurance sales slumped 42%.
Two-pot withdrawals linked to surge in used car sales
The Bureau of Market Research discloses what South Africans have done with their savings benefit withdrawals since September 2024.
Alexforbes reports R7 billion in two-pot system withdrawals
It says 47% of members intend to make future claims – with 34% of those who have already claimed planning to do so again.
How to maximise your tax benefits in a two-pot era
Carla Rossouw, head of tax at Allan Gray, discusses what investors need to know about retirement fund products and the looming end-of-tax year deadline on 28 February.
Debt crisis deepens: South Africans using up to 75% of income to repay debt
DebtBusters’ Q4 2024 Debt Index reveals a worsening cash flow crunch, with rising reliance on short-term loans and record-high debt service ratios.
Surrenders and competition challenge the insurance market, says Moody’s
Life insurers are expected to maintain steady profitability, but policy surrenders and competition-driven pricing pressures could impact long-term growth.
