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The annuitisation rules will apply to the non-vested benefits of all pre-retirement funds going forward.
By Jenny Gordon
5 Feb 2021 11:00
Image: Shutterstock
The Taxation Law Amendment Act of 2020 was signed into law by President Cyril Ramaphosa on January 20, 2021. This has enacted the long-awaited legislation which provides for the same annuitisation rules that apply to members of pension funds, pension preservation funds and retirement annuity funds, to be applied to members of provident funds and provident preservation funds, after March 1, 2021 (T Day).
However, the legislation protects the accrued rights of provident fund and provident preservation fund (these funds) members as at T day. This means that: