Pension age in South Africa Dawie de Villiers, CEO…, Muvhango Lukhaimane, Pension Funds Adjudicator Pretoria: The 2016/17 financial year was again a busy period for the Office of the Pension Funds Adjudicator (OPFA) with an average of 625 complaints being received each month, according to the pension industry regulator’s annual report. Do you know how the default regulations could impact your retirement? Speaking in a parliamentary Q&A session on Thursday (22 August) Ramaphosa said that the proposal had the backing of the Congress of South Trade Unions(Cosatu), Reuters reported.…, Please help IRFA to energise our retirement ecosystem by completing industry survey The theme of the annual IRFA conference to be held in Durban at the end of July emphasizes the interconnectivity and impact of all the components in our African retirement ecosystem. South Africa By Reuters - 27 February 2021 - 14:10 The Treasury is proposing changes to Regulation 28 of the Pension Funds Act in draft amendments published for public comment on Friday. Covering all the News & Insights for pension professionals. In the entity’s latest annual report, Lukhaimane said 9 667 new complaints were received, while she made 83% of rulings in favour of the complainants,…, Pretoria: Minister of Finance Malusi Gigaba has called on retirement funds to obey strict rules laid down by the pension funds regulator. In a message in the 2016/17 annual report of the Office of the Pension Funds Adjudicator (OPFA), the Minister expressed concern that there were too many cases of…, Could you please introduce your organisation briefly? Both said the relationship between auditor and businesses often becomes too cosy, facilitating abuses. In the rapid consolidation of smaller standalone retirement funds into multi-employer umbrella arrangements, trustees find comfort in the lower costs and reduced administrative burdens offered…, Investing assets in crowdfunding platforms that further economic and social needs may well be the preferred next-generation alternative asset class for retirement funds, but South African regulation is not yet up to speed. The South African Social Security Agency blocked former social development minister Bathabile Dlamini's pension payout to recoup the R2m the agency ... News 1 week ago Finance Minister states that NPF beneficiaries will still receive their due Government is taking the lead to reform the current pension system by abolishing the contribution to the National Pension Fund (NPF), while continuing to pay benefits to each and every one who has previously contributed to this fund. As much income as possible at retirement, thank you! The South African Revenue Services didn’t gazette the EU quota rates for about month, with no reasons given – and then suddenly published them Tshegofatso Mathe Business AFRICA FOOT PRINT Read More. September2020. Government has decided to allow people to have access to their long-term savings as the country faces its worst economic crisis. South Africa– Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican Number: 2005/028472/07. The Special Tribunal has granted the Special Investigating Unit (SIU) a temporary interdict prohibiting the Government Employees Pension Fund (GEPF) from paying pension benefits due to the former Department of Agriculture, Land Reform and Rural Development Chief Financial Officer. Address: Regus Business Centre 1st Floor, Block B, … Who is eligible for South African pensions? While economic growth predictions indicate that the South African economy will grow by 1.3% in…, Did you know that only two African countries exported more than they imported last year? The ANC’s Economic Transformation Committee has published a new proposal document which includes planned changes to how pension funds will work in South Africa. Domestic pension funds have historically been the largest investors in South African government bonds,…, Cape Town – South Africa’s Pension Funds Adjudicator Muvhango Lukhaimane received close to 38% more complaints from pension fund members in the 2015/16 financial year. Get the latest news, sport, celebrity, finance, lifestyle, weather, travel, cars, technology and live scores - expertly curated from top local South African and global news providers. Cape Town – South Africa’s Pension Funds Adjudicator Muvhango Lukhaimane received close to 38% more complaints from pension fund members in the 2015/16 financial year. A review of corruption cases not prosecuted by departed NPA boss was 'in the interests of justice'. News; Activity; Wednesday, February 24, 2021. You must: be a South African citizen, permanent resident or refugee; live in South Africa; not receive any other social grant for yourself; not be cared for in a state institution; not earn more than R86 280 if you are single or R172 560 if married. Comparisons of fees and…, Following recent media articles about Transnet Employees’ Pension Fund, the Financial Services Board (“FSB”) deems it necessary to clarify that certain public sector retirement funds, including three funds established under Transnet, are not regulated under the Pension Funds Act, 1956 and, therefore, are not under the supervision of the FSB.…, Default regulations: you still need to make active choices Shreekanth Sing, Technical Legal Adviser, PSG Wealth Having default retirement strategies in place does not take the responsibility away from you to consider appropriate investments or holistic financial planning needs. South Africa's pension system is at an early stage of development. A continental perspective on Pensions for pension professionals. Why Attend The Africa Pensions Excellence Awards®? The Treasury is proposing changes to Regulation 28 of the Pension Funds Act in draft amendments published for public comment on Friday. Duration: 0:13:37. Now the cat is set amongst the pigeons. Countless South Africans are owed pension benefits, and yet claiming is a constant battle. PRETORIA, SOUTH AFRICA - NOVEMBER 6: Reserve Bank Governor Gill Marcus shows off the new banknotes, which feature an image of former president Nelson Mandela on the front and images…, Opinion piece by Tracy Jensen, 10X Investments’ chief operating officer South Africa’s Public Investment Corporation (PIC), which has R2 trillion of assets under management, is in the news for all the wrong reasons. “The continued upward trajectory of our key operating and financial metrics demonstrates the resilience of our business model despite the current challenging market and…, JOHANNESBURG– South African pension funds have cut their holdings in local government bonds to the lowest level in nearly 4-1/2 years because of political turbulence in the country, but yield-hungry foreign investors are proving less hesitant. The National Treasury is proposing changing rules governing pension funds to encourage investment in infrastructure projects. © 2021 Arena Holdings (Pty) Ltd. All rights reserved. web search. APFN was inaugurated in the margins of the MFW4A Partnership Forum in Dakar, Senegal in June 2014. South African News – Real and Up-To-Date. Abedian and…, Allan Greenblo, Editorial Director Today’s Trustee By all means consider investment in them, but not exclusively on the basis of cost The debate between the relative merits of active and passive investment, growing in intensity with the rising prominence of exchange-traded funds, tends towards the simplistic. Currently South African pension funds invest +/- 1% into unlisted infrastructure. This rule sets the maximum percentage of a fund's assets that can be invested in different asset classes and is aimed to shield savers from over-concentrated investments. The South Africa pension calculator is specially designed for the South African nationals. If the stories doing the rounds now are true, it might well be a concern for all…, Allan Greenblo, Editorial Director - Today’s Trustee It’s long overdue. The changes should make it easier for retirement funds to invest in infrastructure and allow for better measurement of investment in projects, the Treasury said in a statement. Revego Africa Energy has been set up…, An elaborate looting scheme by the Municipal Councillors' Pension Fund has been uncovered and the Hawk's are investigating the case. Covering all the News & Insights for pension professionals. As of the end of August this year, when the Minister…, Megatrends in default investment strategies: What we can learn about post-retirement investment strategies from the UK and Australia Cape Town: Last week at private dinner engagements hosted by Sanlam Investments in Johannesburg and Cape Town, Lesley-Ann Morgan, Global Head of Defined Contribution and Retirement Strategies at Schroders UK, shared fascinating…, South Africa finds itself staring into the all-consuming eyes of junk status, and while some economists predict that a recession will follow, it is not all doom and gloom when it comes to financial growth. August2020 . Africa's most industrialised nation - the hardest-hit by the coronavirus pandemic on the continent - has put public works in sectors such as transport, energy and water at the heart of its economic recovery plans. Pensions Africa® is a continental authoritative magazine covering news, interviews, developments, investments, analyses and commentary on topical issues within the African pensions industry and is circulated to pensions professionals, companies and all key stakeholders across Africa. The Financial Sector Conduct Authority wants South Africans to access its online database of unclaimed pensions, or contact it directly, to find out whether they are owed money. South Africa’s former president, Jacob Zuma, will be paid a handsome annual pension, with taxpayers footing the bill. Africa’s growing pension funds are good for infrastructure projects, African Economic Outlook: 10 facts you probably didn’t know. South Africa– Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican Number: 2005/028472/07. Loving Life LIVE Videos. It really doesn't want you to use tracing agents who are not linked to pension funds. Scott July 17, 2020. However, there is no tax on overseas pensions in South Africa. Events July2020. DEVOPS ENGINEERS | 16-18 September 2020 | SOUTHERN SUN | HYDE PARK. The public can comment on the amendments until late March. Designed by, About The Africa Pensions Excellence Awards 2019. Those retiring to South Africa who are receiving a South African pension, you will be liable to pay tax on annual earnings above R114,800 and at least 18% tax on lump-sum payments above R500,000. The information before the solicitor-general reveals that the instruction to withhold the payment of the former minister’s pension was received from the South African … Enter the details and calculate the pension and other factors using the Pension calculator South Africa. At face value South African pension funds and asset managers are significantly under invested in infrastructure. The proposed social security and retirement reforms are intended to ensure that all South Africans receive at least a basic level of retirement benefits through a combination of social assistance and a contributory social security arrangement. The Treasury is proposing changes to Regulation 28 of the Pension Funds Act in draft amendments published for public comment on Friday. An alliance between South Africa’s ruling party and labour unions is pushing for the mobilization of domestic pension funds to drive economic … The proposed amendments do not introduce infrastructure as a new asset class alongside existing ones like equities, debt instruments and property but allow for infrastructure investments to be recognised within those asset classes. Finance Minister Tito Mboweni has announced that changes to legislation governing retirement funds were on the cards to allow for limited withdrawal from … Get your pension fund out of South Africa NOW. The changes are "informed by a number of calls for increased investment in infrastructure given the current low economic growth climate," it said, stressing that the decision to invest in any asset class remained up to the board of trustees of each fund. Register (it’s quick and free) or sign in now. Please read our Comment Policy before commenting. These 17 tax ‘mistakes’ could see you hit with a fine or even prison time in South Africa Updated Covid-19 guidelines for workers over 60, and other vulnerable employees in South Africa Menu. msn news. Plan to allow South African workers' pensions to back state assets raises concerns The government is seeking access to capital to help fund state-owned enterprises and infrastructure projects The ANC government is proposing rule changes that would allow South African pensioners' savings to be invested in state-owned enterprises such as utilities provider Eskom, which is $26bn in debt. Africa’s most industrialized nation – the hardest-hit by the coronavirus pandemic on the continent – has put public works in sectors such as transport, energy and water at the heart of its economic recovery plans. This index ranks the state pensions in 33 countries around the world. powered by Microsoft News. South Africa– Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican Number: 2005/028472/07. How do you know if you qualify? These are just some of the latest realities about the continent revealed in the annual African Economic Outlook 2017 – produced by the African Development Bank…, Copyright © 2021 All Rights Reserved In the 2018 report, South Africa ranks in 28th place, having some good features but also major risks. Pension changes for South Africa could boost Ramaphosa’s investment plans Petrol price double-blow for South Africa Next article Duxbury Networking wins HPE Aruba Distributor of … Address: Regus Business Centre 1st Floor, Block B, … 1 March 2021 marks a watershed for retirement funds in South Africa, says Jean du Toit, attorney and head of tax technical at Tax Consulting South Africa.