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FSCA sets out how benefit transfers must be effected during transition to two pots
The Authority also publishes the proposed changes to the section 14 application forms for public consultation.
‘Lack of maintenance or wear and tear’ gave rise to most of the disputes in several categories of insurance.
Read moreThe Authority also publishes the proposed changes to the section 14 application forms for public consultation.
The FSCA encourages members of retirement funds to check whether their employer is in arrears with their contributions.
The impact on capital markets should be minimal considering that most funds hold considerably more than 1% in cash, says Dawie de Villiers.
The Actuarial Society of South Africa urges retirement fund members to check their benefit statement to see whether they will qualify for a withdrawal.
Discovery Corporate and Employee Benefits provides a checkist of what employers should be doing before 1 September.
The allocations to the savings component can happen only from 1 September onwards, says Old Mutual.
The draft amendments address the misalignment between the current prescribed section 14 application forms and the upcoming two-pot regulations.
Every R1 withdrawn prematurely from retirement savings could incur a future loss of up to R30 at retirement.
DA MP takes Old Mutual to task for comments suggesting the 1 September implementation date ‘may slip’.
Deputy commissioner sets out the FSCA’s priorities for the supervision and regulation of the retirement industry.
An application clause will provide for the Pension Funds Act to prevail over the Divorce Act where the Acts’ provisions conflict.
The Association for Savings and Investment SA and the Institute of Retirement Funds Africa also call for amendments not related to the two-pot system to be held over.
The FSCA expects to receive a large number of amendments, so it would like to have prior sight of the proposed amendments beforehand.
The Draft Global Minimum Tax Bill aims to enforce a 15% multinational top-up tax on multinational enterprise groups, aligning with global efforts to implement a comprehensive system of minimum taxation.
Financial advisers can guide their clients on how to manage the knock-on effect of rising costs without compromising their long-term financial wellness.
Financial experts from Momentum weigh in on how the Budget may impact consumers and taxpayers.