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Default regulations: a watershed moment?

By Kobus Hanekom – Head: Strategy, Governance and Compliance

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COULD YOU SAVE ENOUGH FOR RETIREMENT IF YOU ONLY START AT 35?

Employees in their twenties could be tempted to postpone saving for retirement for a decade or two, arguing that they would make up the shortfall later on when they earn a bigger salary.

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RETIREMENT ROADMAP

Few members are able to project how much money they will need at retirement to buy a pension that will provide them with a comfortable income for the rest of their lives.

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PENSION FUND AUTO-ENROLMENT: HOW WILL IT AFFECT US IN SOUTH AFRICA?

In his 2016 budget speech, the Minister of Finance said that despite the postponement of annuitisation for provident funds, government remains committed to its retirement reform objectives as announced in the 2014 Budget update on retirement reforms. Kobus Hanekom, Head: Strategy, Governance and Compliance at Simeka Consultants (Sanlam’s Consulting and Actuarial Services division), talks about the key elements of these reforms:

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NATIONAL BUDGET REVIEW 2016

In the 2016 budget speech, the Minister of Finance made a number of far-reaching proposals that are relevant to the employee benefits industry.

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Government Postpones Compulsory Annuitisation

In a statement released on 16 February 2016 the Minister of Finance indicated that Government was willing to be flexible on the implementation of compulsory annuitisation. This was done in an attempt to find solutions to the concerns raised by Cosatu and other trade unions relating to the implementation of T-Day on 1 March 2016

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DAY ONE - HOW MUCH DO I NEED TO SAVE?

To make a good start, view this short informative video to guide you through the important decisions you need to take in respect to your retirement fund.

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TAXATION LAWS AMENDMENT ACT, 2015 SIGNED INTO LAW BY THE PRESIDENT

After much debate and uncertainty the Taxation Laws Amendment Act, 2015 was promulgated on 8 January 2016. T-Day will therefore be implemented with effect from 1 March 2016. The Act introduces the following key measures:

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TAXATION LAWS AMENDMENT BRINGS PENSION AND PROVIDENT FUNDS INTO LINE

‘T-Day legislation’ set for 1st March 2017

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THREE THINGS YOU NEED TO KNOW ABOUT RETIREMENT REFORM

Unpacking annuitisation, the increased deduction and the implications for high net worth individuals.

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