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...
General update before I dive into the topic: The South African retirement fund landscape has been undergoing significant shifts since the introduction of the Retirement Reform. The said reform started with discussions back in 2007 with the discussion paper...
As stakeholder needs and opinion are crucial to the overall strategic direction of the Institute of Retirement Funds Africa, in July and August the industry body undertook an engagement and reputation monitor, employing the services of an independent...
In the Financial Services Tribunal (FST) decision in Rand Mutual Assurance Co Ltd v TJ Begwa and others (Case No PFA19/2024 - 15 August 2024), the FST ruled that an employer's compliance with the audi alteram partem rule (hear the other side) does not...
On 15 October 2024, Ninety One announced that the California State Teachers’ Retirement System (CalSTRS), the largest educator-only public pension fund in the world, has awarded a $150m mandate to Ninety One’s Global Environment strategy. Managed by Deirdre...
On 9 September 2024, Ashburton Investments and FNB Wealth and Investments announced a partnership with international investment powerhouse Morgan Stanley Investment Management Limited (MSIM) to strengthen its global capabilities. The partnership will result...
Lack of access to primary healthcare remains a major concern for the average South African and according to Statista only 15.8 % of South Africans have access to medical aid. In seeking to find a solution for this challenge, FNB Insure has announced a...
1 September 2024 marks the commencement of the Two Component system. It is one of the most significant reforms to the retirement fund industry in decades and undoubtedly, many working in, and for, this industry are feeling a bit overwhelmed and nervous, given...
On 1 September 2024, the retirement system in South Africa will change considerably. The new regime is known as the two-pot retirement system. Going forward, members of retirement funds will be able to access a portion of their retirement savings while still...
The two-pot system is the latest milestone in retirement reforms that have taken place over the last decade. This new system is an exciting and significant enhancement to our retirement fund system. The two-pot system will increase retirement savings over the...