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.
58% of South Africa’s municipalities – 149 out of 257 – are behind on their retirement fund contributions, highlighting a growing issue in local government finances.
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.
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.
The group’s latest trading update discloses a 19% surge in gross flows and a rebound in net client cash flows.
Biometric expert Murray Collyer explains how the latest technological advancements can prevent fraud and protect your retirement savings in a rapidly evolving digital world.
There is a legal grey area over the calculation of pension interest in divorce settlements and whether funds may now be permitted to make deductions for future maintenance orders.
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.
The MTBPS shows tax revenue will be below the Budget estimates, but SARS is adamant it will do everything in its power to collect as much money as it can.
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.
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.
Muvhango Lukhaimane will also consult with trustees on guidelines for naming and shaming problematic funds, administrators, and employers.
