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Tag: Retirement Annuity Fund (RAF)

South Africa’s current retirement conundrum

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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.

Policy withdrawals after financial emigration – SARS’ current challenges

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There are many reasons why South African tax residents undertake to cease tax residency through the financial emigration process. One of the reasons is that a successful financial emigration provides one with the rare opportunity to fully encash your policy funds.

Savings and retirement considerations in COVID-19

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Saving and investing consistently is essential when planning to build a large enough nest egg to retire comfortably. The latest 10X Retirement Reality Report showed that out of 15 million economically active South Africans, 67% have no retirement plans.

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.

The impact of retirement reform in South Africa

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Changes to retirement benefits for provident fund members, initially meant to come in five years ago and now scheduled for next March, will see tax uniformity for all who contribute towards retirement. These changes, in terms of the Taxation Laws Amendment Act, will also encourage greater savings, something South Africa desperately needs as it seeks to crawl its way out of an economic hole.

Don’t make costly assumptions about who gets your assets if you...

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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.

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.

Retirement annuity: how much can you invest offshore?

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With all the uncertainty in the South African market and concerns about future investment returns, many investors are looking offshore for investment opportunities. A diversified investment portfolio is always a good strategy when saving for retirement but before you set off looking for greener pastures in offshore markets, take note of Regulation 28 and its integration in retirement annuity funds.

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