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President Ramaphosa signs 3-year retirement fund lock-in into law

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The President, on 15 January 2021, assented to the Taxation Laws Amendment Act No. 23 of 2020 (TLAA), which was subsequently promulgated on 20 January 2021. Despite the blow back last year on the proposed amendment to the withdrawal of retirement funding in SA based on emigration, this amendment has now been signed into law and will become effective on 1 March 2021.

Times of change for retirement funding

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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.

PODCAST | What the proposed amendments to the PFA mean for...

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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.

What the proposed amendments to PFA mean for retirement savers

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Earlier this year, the ANC’s Economic Transformation Committee published a proposal outlining changes to Regulation 28 of the Pension Funds Act. Regulation 28, which controls the extent to which retirement funds may invest in particular asset classes.

2020 – a watershed year for economic recovery?

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The case for economic recovery out of the deep COVID-19 recession has been given a confidence boost by the Government’s decisive response to the crisis. The praise being showered on President Cyril Ramaphosa’s steps taken to unlock the economy and the economic stimulus packages to address the impact of the COVID-19 pandemic should give the country confidence that we are moving in the right direction.

Prescribed Assets – the bad, not so bad and great

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The ANC’s 2019 manifesto refers to investigating prescribed assets, which are defined as the proportion of financial institutions’ resources that would be assigned to socially productive assets as a key priority. Prescribed assets are mentioned under the two sections in the 2019 manifesto. Both mentions refer to investigation and that no detail has been provided about the form that the prescription could take.

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