Tag: retirement savings

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.

The new two-pot system will provide short relief for SA retirement fund members, but the trade-off will include  increased complexity and possibly increased administrative costs, notes Blessing Utete, Managing Executive: Old Mutual Corporate Consultants.

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.

Rising costs of living and high levels of unemployment in an unpredictable economic landscape have turned traditional financial aspirations on their head as people desperately scramble to overcome short-term challenges at the cost of long-term investments.

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.

On the back of COVID-19, and the widespread financial difficulties that many people experienced as a result of two years of lockdowns, some South African employees opted to resign from their jobs in order to access their retirement savings. 

The start of every new year brings many aspects of our lives into focus, including health, wealth, work, family and emotional wellbeing. It’s a good time to re-evaluate your quality of life and question the changes you need to make in order to improve it.

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.

The start of a new year is the perfect time to change old habits and make choices that promote growth and well-being. This isn’t only good advice for life, but also for one’s investments. As we welcome 2022, there may be no better opportunity to look back at how the investment landscape has changed, consider where the biggest opportunities for the next 11 months will come from, and take note of which investment habits you need to shake.

On 10 September 2021, Mauritius officially reopened its borders to South Africans, ending the 18-month travel ban imposed on SA visitors. The Mauritius Tourism Promotion Authority (MTPA) openly welcomed South African tourists back to the Mauritius shores, which is a token of the relationship between the two countries.