RECENT NEWS
19th of March 2010
Good Governance for Retirements Funds
Good Governance for Retirements Funds Read More...
8th of June 2010
Interest rate increase on Housing Loans
Interest rate increase on Housing Loans Dear Sir /Madam Kindly note that the current interest rate of 14% charged to the members for housing loans is not in accordance with the Pension Funds Act, and as a result the fund has been instructed by the Regulator (Financial Service Board) to increase the interest rate from 14% to 15%. Thus with effect from 1 July 2010, the interest rate on all new Housing Loan Applications will be 15% as required by the Pension Funds Read More...
29th of June 2010
Death Benefits Distribution
Death Benefits Distribution There are new challenges facing trustees. A more appropriate and sound way of ensuring that lump sum benefits owed to the minor children of a deceased member of a retirement fund, are properly managed has become necessary, as the number of orphans and child headed households spirals. Caregivers, be they family, friends or strangers need to have access to the death benefits so that they are not financially burdened. But the possibility Read More...
29th of July 2010
Taxing early withdrawals
Taxing early withdrawals In this article, Michael Summerton and Carla Rossouw provide an overview of how withdrawal and retirement benefits are taxed. They use practical examples to show how this tax is calculated. They illustrate how you can save tax by deferring your withdrawal until retirement. They also look at the tax relief Treasury provides on benefits received when a retirement fund member is retrenched… Regular readers of our commentary will knowRead More...
19th of November 2010
IMPORTANT NOTICE TO EMPLOYERS AND EMPLOYEES
IMPORTANT NOTICE TO EMPLOYERS AND EMPLOYEES Read More...
2nd of February 2011
LOCAL NEWS
LOCAL NEWS Directives are NOT final! Why when you withdraw your pension, you pay – and then pay again. PIETERMARITZBURG - When pension or provident fund members resign (or are retrenched) from their employers, they are faced with the decision of whether to transfer their accumulated retirement benefit to a preservation fund or other approved fund, or to take the cash. From a tax point of view, the choices are fairly straightforRead More...
11th of February 2011
Tax Information
DIRECT HOUSING LOANS LEGAL REQUIREMENTS In terms of the Pensions Fund Act, Retirement Funds are allowed to lend money (up to a maximum of 25% of their Assets) to their members for the sole purpose of housing. The minimum rate of interest that can be charged on these loans is prescribed by the Income Tax Act. The Trustees are held liable to ensure that loans are used exclusively for housing, as the loans represent an investment by the Fund. LOAN SCHEME TheRead More...
2nd of March 2011
Proposed Interim Retirement Reforms
Proposed Interim Retirement Reforms Read More...
24th of June 2011
Where has the retirement law gone?
Where has the retirement law gone? Rumours have been floating around the industry that if employer contributions became taxable benefits in employees' hands, as proposed in the February Budget, employers would change their pension fund rules to decrease employer contributions. The reason for that is it would protect employees from a higher fringe benefit. So the absence of draft legislation on SA retirement reform in this week's draft amendment bill mRead More...
11th of August 2011
Sanlam calls for sea change in retirement industry
Benchmark research shows South Africans worse off now than 30 years ago Sanlam Employee Benefits (SEB) today released the results of its 2011 Benchmark survey, a comprehensive annual review of South Africa’s retirement industry. Now in its 31st year, the most recent research has allowed Sanlam to take a retrospective look at retirement in South Africa over the past 30 years. This has revealed that changes made in the 1990s to shift the risk and responsibility of retRead More...
