Treasury publishes draft amendments to two-pot legislation
The Bill provides for flexibility when provident and provident preservation funds perform the seeding calculation.
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Financial pressure shapes South Africans’ views on two-pot options
Survey finds that 57% are comfortable with having access to their savings, while 29% are concerned about the impact on their long-term savings.
Two pots: most Alexforbes members who have claimed will do so again
The company says 32% of its membership base have submitted claims with a value of about R6.5 billion.
Data reveals trends in members’ two-pot withdrawals
FSCA plans to issue guidance on what it considers to be a fair and transparent approach to transaction fees.
R35bn withdrawn as SARS reports unprecedented two-pot system activity
Some 20% of applications for tax directives were rejected.
GEPF receives R10.6bn in two-pot withdrawal applications
More than 361 000 members of the GEPF have accessed their savings under the two-pot system, averaging R27 500 per claim.
Old Mutual pays out R2.3bn in over 200 000 two-pot withdrawal claims
Financial advisers warn that even small withdrawals can significantly erode retirement income over time.
Treasury accepts most of the industry’s two-pot proposed amendments
Among other things, the revised Amendment Bill will clarify how funds should calculate seeding when provident fund members choose to join the system.
Alarm bells ring as Sanlam reports high withdrawal claims among vulnerable members
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%.
Two-pot withdrawals: taxpayers who understate their income face penalties
SARS has processed more than 1.2 million tax directives for savings component withdrawals, paying out R21.4 billion to fund members.
Retirement funds are the new ‘must-have’ – thanks to the two-pot system
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.
ASISA flags ‘problematic’ amendments to two-pot legislation
Funds made different calls on the conditions for the exclusion of provident preservation fund members and the seeding date for members who opt in.
Why Discovery’s fund members are making two-pot withdrawals
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.
Advisers should not underestimate the implications of the two-pot system for financial planning
Financial advisers should understand the broader implications on tax planning, retirement savings, and investment strategies to guide their clients effectively.
Tax on savings component withdrawals benefits low-income earners, says Treasury
The tax structure aims to be progressive, with low-income earners paying little to no tax on withdrawals, while high earners are taxed more.
Momentum reports R1.7bn in two-pot withdrawal applications
More than 60% of two-pot withdrawal applicants have come from low-income groups, according to Momentum’s latest figures.
FSCA wants to know how much two-pot withdrawals are costing members
The Authority is seeking information on how much it costs retirement funds and administrators to adapt their systems for the new two-pot structure.
