It involves pension funds changing their rules, making new calculations and the president signing the Pension Funds Amendment Bill into law.
The president has already signed the Revenue Laws Amendment Bill that establishes the twopot retirement system, but he still has to sign the Pension Funds Amendment Bill. This is nothing to worry about, Michelle Acton, retirement reform executive at Old Mutual, said: "We expect the Bill will be signed into law before 1 September." With so many pension fund members interested in the twopot retirement system, it is likely that there will be a high number of withdrawals after 1 September.
Acton said the primary reason for wanting to withdraw seemed to be to settle debt.
The Financial Sector Conduct Authority (FSCA) has launched a Know Your Rights campaign aimed at educating members and trustees of pension funds about their rights and responsibilities.
As part of this campaign, the FSCA pointed out that it identified over 4 178 South African employers who are behind in making retirement fund contributions towards employee retirement funds, which ultimately forms part of the employee remuneration package. This means these employers are withholding what is owed to employees and are in violation of Section 13A of the Pension Funds Act that regulates the payment of retirement fund contributions.
Denne historien er fra June 29, 2024-utgaven av The Citizen.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra June 29, 2024-utgaven av The Citizen.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Kriel's Springbok dream is still alive
Bulls utility back David Kriel's dream of playing for the Springboks is still alive and kicking as he targets another strong season for his franchise in the United Rugby Championship (URC) and Champions Cup.
Proteas wrap up ODI series in style
Middle-order batter Tristan Stubbs made an international breakthrough yesterday, compiling his maiden century as the Proteas men's team closed out a superb day for South Africa's national cricket sides.
Broos is at ease with PSL stance
Bafanal Bafana head coach Hugo Broos has praised the Premier Soccer League for allowing him more time to prepare his squad for their two 2025 Africa Cup of Nations Group K qualifiers against Congo-Brazzaville.
Bayern visit bogey side Frankfurt
Bayern Munich travel to bogey side Eintracht Frankfurt tomorrow looking to rebound having dropped points twice in the space of a week.
Valjalo on home turf to defend title
The date has been set for South Africa's premier Skateboarding contest where the country's best skaters will battle it out to see who will be crowned event champions.
Muzi ready for Kranji challenge
Joburg Spring Challenge races have attracted top fields.
Stories from the dot-com era
Some compare the high prices of today’s tech giants to the pricing in the stock market back then.
'We don't want to die'
Over 1000 people killed and hundreds of thousands more flee their homes.
Heart of nation at stake
Can a pledge to protect reproductive rights help Kamala Harris become the first woman to win the White Abortion has never been so close to the heart of an American presidential election, but this is the first to be held after access to the procedure was banned or restricted across much of the country, following a landmark Supreme Court ruling.
Kim ‘ready to nuke all'
North Korean leader Kim Jong-un said his country would use nuclear weapons \"without hesitation\" if attacked by the South and ally the United States, state media reported yesterday.