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.
Tax
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.
10 things people often get wrong about the two-pot retirement system
Old Mutual’s learnings about what people know or expect, based on its interactions with customers and advisers.
Pre-retirement withdrawals may cost RA investors dearly, Coronation warns
Withdrawing early effectively means you are borrowing from your future self over a fixed term at your expected rate of return on your RA investment.
Dispelling misconceptions about the two-pot retirement system
Members particularly need to understand pre-retirement withdrawals, and the implications of these withdrawals, including tax and liquidity at retirement.
No savings pot withdrawal in September if your balance is less than R2 000
The Actuarial Society of South Africa urges retirement fund members to check their benefit statement to see whether they will qualify for a withdrawal.
NHI will ‘definitely’ be funded once the Bill becomes law – Godongwana
National Treasury will work with the Department of Health on the funding scenarios outlined in the 2017 White Paper.
Company retirement fund benefits: what are your options on resignation or retrenchment?
The pension or provident fund is likely to have additional risk benefits that may change significantly when you leave your current company.
Considerations when deciding whether to keep a company dormant or close it
An entity can formalise its dormancy by way of a liquidation process or by deregistering with the Companies and Intellectual Property Commission.
Retirement funds and death benefits: what options do beneficiaries have?
There is a major difference between pre-retirement and post-retirement funds regarding the nomination and payment of beneficiaries.
Sars publishes important guides for taxpayers – including trusts
One of the guides applies to the Income Tax Return for Trusts.
Two pots: fund members must understand the implications of withdrawals
Money in the savings pot should be withdrawn only as a last resort, for absolute financial emergencies.
Preservation should be the top priority in the messaging about two pots
Administrators are concerned there is not enough time for financial advisers and members to understand the implications of the changes.
No ‘hidden agenda’ behind Discovery’s ‘constructive’ opposition to NHI
Discovery is not hoping to secure a tender to administer the National Health Insurance scheme, says chief executive.
Two pots: good news about tax on lump-sum withdrawals at retirement
National Treasury resolves the conflict between the draft legislation and the explanatory memorandum.
Treasury wants to exclude these ‘legacy’ RA funds from the two-pot system
Plus: the proposals for defined-benefit funds, inter-fund transfers, section 37D deductions, and the taxation of contributions and growth.
Understand when tax is triggered on crypto assets
Clarity on when a gain is considered revenue or capital.
