Tag: Pension Funds Act

Estate planning involves structuring and managing your assets while you are alive, and putting measures in place to ensure your wishes are carried out after you pass away. It also ensures that there are no unexpected surprises your family will have to deal with.

The law is clear about how pension pay-outs are handled, and the circumstances that can prevent them. The Pension Funds Act offers employers and employees with clear insights and guidelines around how retirement funds are paid out, and what processes need to be followed in the event of a dispute.

The 2022 Budget was tabled to Parliament on 23 February 2022 by South African Finance Minister Enoch Godongwana.

Investing for retirement through a retirement annuity (RA) is an effective and rewarding way to save for retirement because of the unique benefits offered. The most significant benefit is the fact that you can enjoy unparalleled tax savings, which you can use to boost your retirement savings.

In the weeks prior to the Medium-Term Budget Policy Statement (MTBSP), South Africans await more clarity from National Treasury on their proposal for limited pre-retirement withdrawals and the logistics required to make this happen.

1 March 2021 marks a watershed for retirement funds in South Africa. Most are focussed on the annuitisation rules that have been pending since 1 March 2015, otherwise known as 'T-day'. While these reforms are significant, retirement fund members need to understand them in the grand scheme of things.

If you are reading this, you are well on your way towards surviving one of the most cataclysmic events of our lifetime; one that is forever going to reshape the way we view the world and drive home the importance of prioritising sustainability and all it entails during the years ahead.

You’ve made the effort to get an executable will in place, but are you all sorted in terms of knowing who will get what? Not necessarily. Unfortunately, it’s not that clear cut. Many of us confuse how our assets will be distributed through our will, with the distribution of death benefits from our company sponsored retirement fund – often assuming that our death benefits fall within the scope of our will. But the two are treated very differently when we die.

While we will all face the inevitability of death one day, many of us find it scary to confront our own mortality. But good estate planning is a critical aspect of broader financial planning; without it, our dependants may be left in a precarious financial position. 

An interview with Stephen Katzenellenbogen, Senior Executive, Private Wealth Manager, NFB Private Wealth Management, and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing an article penned by Andrew Duvenage, Managing Director, NFB Private Wealth Management, apropos the ANC’s Economic Transformation Committee proposal outlining changes to Regulation 28 of the Pension Funds Act.