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Finally! It's D-day for retirement reforms

The first change
While provident fund members were previously able to withdraw the entirety of their savings as a lump sum on retirement, they will now be restricted to withdrawing a third of their savings as a lump sum and using the remaining two-thirds to buy an annuity. An annuity is a financial services product that pays you a monthly amount in retirement so that your money (theoretically anyway) will last longer.
If you have saved less than R247,500, you may withdraw the full amount in cash.
Malusi Ndlovu, head of Old Mutual Corporate Consultants, welcomed the move to proceed with the annuitisation of retirement funds this year: “This decision underpins the state’s commitment to providing adequate retirement provision to all working South Africans and addressing the potential long-term drag of ageing workers on the fiscus.” ....

South Africa , South Africans , Mica Townsend , Malusi Ndlovu , James Coutinho , Liberty Group , National Treasury , Daily Maverick , Old Mutual Corporate Consultants , மைக்கா டவுன்சென்ட் , ஜேம்ஸ் கொடின்ஹோ , சுதந்திரம் குழு , தேசிய கருவூலம் , தினசரி ம்யாவரிக் , பழையது பரஸ்பர பெருநிறுவன ஆலோசகர்கள் ,

Treatment of retirement savings need to be more like lockdown

Treatment of retirement savings need to be more like lockdown
iol.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iol.co.za Daily Mail and Mail on Sunday newspapers.

South Africa , South African , South Africans , Mica Townsend , Cyril Ramaphosa , National Treasury , Association For Savings , மைக்கா டவுன்சென்ட் , தேசிய கருவூலம் , சங்கம் க்கு சேமிப்பு ,

Retirement and self-sabotage in South Africa

Retirement and self-sabotage in South Africa
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Even after the final reforms are in place, investors will remain free to be their own worst enemy, writes Mica Townsend, business development manager and Employee Benefits Consultant at 10X Investments.
Almost 10 years after National Treasury embarked on its mission to strengthen South African retirement savings, as reflected in the Taxation Laws Amendment Bill of 2020, the final reforms are scheduled to come into effect on 1 March – but, unfortunately, fund members will still be free to sabotage their own retirement.
As pertinent as some of these reforms are, they are unlikely to achieve the overarching objective, to “improve preservation … and ensure higher levels of income in retirement”. ....

South Africa , South African , Mica Townsend , National Treasury , Employee Benefits Consultant , Taxation Laws Amendment Bill , Business Technology , 10x Investments , Business Opinion , மைக்கா டவுன்சென்ட் , தேசிய கருவூலம் , ஊழியர் நன்மைகள் ஆலோசகர் , வரிவிதிப்பு சட்டங்கள் திருத்தம் ர சி து , வணிக தொழில்நுட்பம் , வணிக கருத்து ,

Retirement savers still free to sabotage themselves

Retirement savers still free to sabotage themselves
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Even after the final reforms are in place investors will remain free to be their own worst enemy, writes Mica Townsend, Business Development Manager and Employee Benefits Consultant at 10X Investments.
Almost 10 years after National Treasury embarked on its mission to strengthen South African retirement savings, as reflected in the Taxation Laws Amendment Bill of 2020, the final reforms are scheduled to come into effect on March 1 but, unfortunately, fund members will still be free to sabotage their own retirement.
As pertinent as some of these reforms are, they are unlikely to achieve the overarching objective, to “improve preservation … and ensure higher levels of income in retirement”. ....

South Africa , South African , Mica Townsend , National Treasury , Business Development , Business Development Manager , Employee Benefits Consultant , Taxation Laws Amendment Bill , மைக்கா டவுன்சென்ட் , தேசிய கருவூலம் , வணிக வளர்ச்சி , வணிக வளர்ச்சி மேலாளர் , ஊழியர் நன்மைகள் ஆலோசகர் , வரிவிதிப்பு சட்டங்கள் திருத்தம் ர சி து ,

Here we go again: Borrowing from the future

In a country badly overdrawn and unable to curtail its spending, it is perhaps unsurprising that the R4,5 trillion held in public and private retirement funds is seen as a big, untapped piggy-bank whenever South Africa hits a new financial pothole. But it really does create a counter-productive mindset for savers.
In 2012 already, the Ministry of Economic Development proposed that retirement funds provide “concessionary finance” to help pay for infrastructure development. The mooted changes to Regulation 28 of the Pension Funds Act stop short of prescription, but one suspects they will be highly suggestive. The same regulations already lay a host of other developmental goals at the feet of retirement savers, as though their own financial needs are secondary. ....

South Africa , Mica Townsend , Government Employees Pension Fund , Ministry Of Economic Development , Business Development , Economic Development , Pension Funds Act , Business Development Manager , மைக்கா டவுன்சென்ட் , அரசு ஊழியர்கள் ஓய்வூதியம் நிதி , அமைச்சகம் ஆஃப் பொருளாதார வளர்ச்சி , வணிக வளர்ச்சி , பொருளாதார வளர்ச்சி , ஓய்வூதியம் நிதி நாடகம் , வணிக வளர்ச்சி மேலாளர் ,