Everything you need to know about the new retirement fund regulations, and what they mean for you
Do you freeze up when you hear the words ‘financial planning’? You’re not alone. The threat of scams, volatile investment markets and bewildering jargon leave many frozen into inaction, terrified of making the wrong decision. The result? Too many South Africans don’t retire with enough money to actually have ‘golden years’.
To address the issue, the National Treasury has announced new regulations aimed at improving your chances of retiring comfortably, with a focus on removing some of the complexity from the decision-making process. The new regulations, which must be implemented by March 2019, will see default investment arrangements put in place, encouraging fund trustees to provide simple choices for retirement planning. The defaults won’t be forced on you, but they’re there for your benefit. The reform also means that your fund will have to ensure you receive counselling regarding investment portfolios, the preservation of your benefits if you exit the fund, and pensions available to you when you retire.
DEFAULT INVESTMENT PORTFOLIOS
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