Most retirement funds in South Africa provide their members with lump sum death and disability benefits, in addition to the retirement savings. These benefits can be in the form of an income or a lump sum amount. These additional benefits are normally called...
Many boards of trustees of standalone funds face a decision on whether or not to move into an umbrella fund. There are many possible reasons to make such a move including: Lower expenses Reduced responsibilities Reduced liability Reduced time and...
The quote “What gets measured gets managed” is attributed to the celebrated American management consultant Peter Drucker. By quantifying tasks or goals individuals can better understand their performance, set clear objectives and track progress. In this...
The President signed the Pension Funds Amendment Bill into law on the 21 July 2024, clearing the way for retirement funds to amend their rules, to enable members to access part of their retirement savings without having to leave employment. The two-pot...
Everybody loves tax – not! Unfortunately, in South Africa taxation is unavoidable and very high. It is also very complicated. The two-pot system has introduced a new way to tax our retirement funds. Any withdrawal from your savings pots will be based on...
Subedra Reddy, Executive Head: Actuarial DC Funds, NBC Holdings (Pty) LtdThe two-pot system is on everyone’s minds in the retirement fund industry. With the proposed implementation date of 1 March 2024 looming large, service providers, trustees and members are...
The vast majority of business transactions and the storage of data are done on digital platforms. In respect of retirement funds, key functions such as the maintenance of a members' individual records, monthly updates of contributions, investments/disinvestments and...