Single default accounts
On or after 1 July 2021, in the absence of a new employee
choosing a superannuation fund, an employer must determine whether
that new employee has a stapled fund and, if a stapled
fund exists, contributions should be paid into that stapled fund
instead of paying into the employer s chosen default
superannuation fund.
Underperformance in superannuation
The Bill proposes a new Annual Performance Assessment ,
requiring APRA to action annual performance tests each year for
MySuper products and other products set out by the yet to be
drafted regulations. Under the rules, if a fund fails the annual
performance assessment, the trustee must notify all members and if
INTRODUCTION
This was a Budget focused on big spending announcements and was
heavily influenced by the need to shield citizens, businesses and
the economy in general from the worst effects of the COVID-19
pandemic. This is evidenced by a R10 billion allocation for the
purchase and delivery of COVID-19 vaccines over the next two years.
In these circumstances, it is perhaps not surprising that the main
tax rate increases take the form of an 8% increase in the excise
duties on alcohol and tobacco products and a 27 cents per litre
increase on fuel levies.
The tax collections for 2021 are anticipated to amount to R1.21
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Plan sponsors and fiduciaries may have spent 2020 scrambling to
amend their plans and operating procedures to accommodate breaking
COVID-19 guidance, but the Department of Labor s
( DOL ) and federal courts wheels continued to turn,
churning out decisions and guidance on a variety of ERISA
issues and plan sponsors and fiduciaries should take note.
Included in recent DOL guidance are rules for reviewing and
selecting retirement plan investments, voting proxies, and
distributing retirement plan notices. Meanwhile, various federal
appellate court decisions should lead fiduciaries to review summary
leading supervisory convergence
towards a high-quality prudential supervision throughout the
EU
strengthening the financial stability
of the insurance and occupational pensions sectors
delivering EIOPA s mandate
effectively and efficiently
Sustainability
Many of the key areas of focus incorporate sustainable finance
objectives. EIOPA aims to foster supervisory convergence across the
EU in the assessment of environmental, social and governance
(
ESG) risks, and promote standardised information
to identify sustainable investments and ESG risks.
Digitalisation
Digitalisation has accelerated dramatically due to COVID-19.
EIOPA acknowledges that it must strike a balance between
establishing a convergent and sound supervisory approach to
digitalisation and enhancing financial innovation as well as
For many Canadians, saving for important life goals can feel like an uphill struggle. But it doesn't have to be. There are tax-efficient structures in place to give Canadians of all ages.