Tag: National Treasury

On Wednesday afternoon, the Minister of Finance, Enoch Godongwana, had the unenviable task of delivering the annual Budget Speech. Over the last year, and especially over the last few months, South Africa has taken one knock after another.

The 2023 Budget was tabled to Parliament on 22 February 2023 by South African Finance Minister Enoch Godongwana.

South Africa’s retirement fund legislation has undergone a series of changes since 2012 as part of government’s retirement reform process, which is aimed at ensuring that retirees make adequate retirement provision.

The good news stemming from the Medium Term Budget Policy statement (MTBPS) is that in 2023/24, South Africa is expected to achieve its first primary budget surplus in 15 years and this will be achieved with no new revenue enhancing measures from 2023/24 onwards. 

The 2022 Medium Term Budget Policy Statement (MTBPS) was tabled to Parliament on 26 October 2022 by South African Finance Minister Enoch Godongwana.

The financial services dispute resolution landscape is being radically reshaped to ensure a consistent framework across the financial services sector whilst providing for quick and cost-efficient review of an aggrieved party’s grievance. Along with the proposed amendments is a name change for our office, which will be renamed the 'Retirement Funds Ombud'

On 29 July 2022, National Treasury released the 2022 Draft Revenue Laws Amendment Bill for public comment until 29 August 2022 to introduce the 'two-pot' system for retirement savings that was flagged in the National Budget.

In a recent conference, National Treasury Acting DG Ismail Momoniat explained National Treasury’s views on the two-pot retirement system, governance of umbrella funds and changes to Regulation 28. Ismail Momoniat, Acting Director-General at National Treasury (NT), addressed the recent Pension Lawyers Association Virtual Conference in May 2022 with an update on retirement reform developments.

The currently considered two-pot system to restructure retirement savings to allow for limited pre-retirement withdrawal will encourage the preservation and accumulation of sufficient funds for when people retire.

It is evident there are diverse views on the National Health Insurance (NHI) bill. The NHI will always remain a hot topic fuelled by speculation and political ambitions, but none of us can deny that, for the good of the country, the healthcare system needs to transform.