We have recently seen a series of impactful legal and regulatory developments that reflect a continued shift toward greater accountability, legal clarity, and modernised regulatory oversight. This update outlines several of the most significant changes...
Introduction I had the privilege of co-presenting with the FSCA's Zareena Camroodien at this years' Pension Lawyers Association annual conference on the topic of the Draft Conduct Standard prescribing conditions in respect of pension fund benefit administrators. In...
Two-pot retirement system update The Taxation Laws Amendment Act 2024 and Revenue Laws Amendment Act 2024 These Acts were gazetted on 24 December 2024 and include the following two-pot related changes, which are effective 1 September 2024: Removing the...
FSCA Trustee Toolkit (TTK) The extended period for completion of all 22 modules of the FSCA Trustee Toolkit expired on 30 September 2024. This applied to trustees who were in office for 6 months and longer on 30 September 2024 (newly appointed trustees have...
Two Pot System changes As of 1 September 2024, all funds will consist of three components, being (1) a vested component, (2) a savings component and (3) a retirement component. The accumulated fund credit (as at 31 August 2024) will form the vested component...
Two-pot update Pension Funds Amendment Bill signed into law on 21 July 2024 The Pension Funds Amendment Act provides for the following Two-Pot related changes:Amendments to the Post and Telecommunications-related Matters Act, 1958, the Transnet Pension Fund...
The ANC's 2024 Election Manifesto yet again raised the concept of prescribed assets whereby retirement funds will be obligated to invest in government approved investments. Similar comments were made in its 2019 election manifesto and has been a recurring...
FSCA update on roll-out and implementation of cross-sectoral conduct of business return for financial institutions The FSCA has published its 'Update on roll-out and implementation of cross-sectoral Conduct of Business Return for financial institutions'. The...
In terms of section 37D(1)(b)(ii), a retirement fund is entitled to deduct an amount from a member’s retirement fund benefit for any damage caused to the employer as a result of theft, fraud, dishonesty or misconduct. In the Moodley[1] case, the meaning of...
The Protection of Personal Information Act, 2013 (“POPIA”) gives effect to the right to privacy as set out in the Constitution. It provides the regulatory framework within which organisations may process personal information thereby giving individuals control over how...
