pension news south africa

Dawie de Villiers, CEO…, Muvhango Lukhaimane, Pension Funds Adjudicator Pretoria: The 2016/17 financial year was again a busy period for the Office of the Pension Funds Adjudicator (OPFA) with an average of 625 complaints being received each month, according to the pension industry regulator’s annual report. South Africa– Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican Number: 2005/028472/07. As of the end of August this year, when the Minister…, Megatrends in default investment strategies: What we can learn about post-retirement investment strategies from the UK and Australia Cape Town: Last week at private dinner engagements hosted by Sanlam Investments in Johannesburg and Cape Town, Lesley-Ann Morgan, Global Head of Defined Contribution and Retirement Strategies at Schroders UK, shared fascinating…, South Africa finds itself staring into the all-consuming eyes of junk status, and while some economists predict that a recession will follow, it is not all doom and gloom when it comes to financial growth. As the Institute of Retirement Funds Africa…, From MoneyWeb For the second time in three years the Aylett Equity Prescient Fund has been named by Morningstar as the Best South African Equity Fund. The South African Social Security Agency blocked former social development minister Bathabile Dlamini's pension payout to recoup the R2m the agency ... News 1 week ago Scott July 17, 2020. AFRICA FOOT PRINT Read More. News; Activity; Wednesday, February 24, 2021. APFN was inaugurated in the margins of the MFW4A Partnership Forum in Dakar, Senegal in June 2014. Almost 4.8 million South Africans have not yet claimed their pension savings, worth in total almost R43 billion. In a message in the 2016/17 annual report of the Office of the Pension Funds Adjudicator (OPFA), the Minister expressed concern that there were too many cases of…, Could you please introduce your organisation briefly? Finance Minister states that NPF beneficiaries will still receive their due Government is taking the lead to reform the current pension system by abolishing the contribution to the National Pension Fund (NPF), while continuing to pay benefits to each and every one who has previously contributed to this fund. © 2021 Arena Holdings (Pty) Ltd. All rights reserved. Register (it’s quick and free) or sign in now. Designed by, About The Africa Pensions Excellence Awards 2019. The changes should make it easier for retirement funds to invest in infrastructure and allow for better measurement of investment in projects, the Treasury said in a statement. The public can comment on the amendments until late March. Finance Minister Tito Mboweni has announced that changes to legislation governing retirement funds were on the cards to allow for limited withdrawal from … The Financial Services Board (FSB) estimates more…, Johannesburg - Former finance minister Pravin Gordhan and economist Iraj Abedian threw down the gauntlet at the auditing industry on Wednesday evening, accusing it of looking the other way while their clients looted resources. Both said the relationship between auditor and businesses often becomes too cosy, facilitating abuses. The South African pension system doesn’t fare well in the Melbourne Mercer Global Pensions Index. If the stories doing the rounds now are true, it might well be a concern for all…, Allan Greenblo, Editorial Director - Today’s Trustee It’s long overdue. While economic growth predictions indicate that the South African economy will grow by 1.3% in…, Did you know that only two African countries exported more than they imported last year? South Africa's pension system is at an early stage of development. Loving Life LIVE Videos. The…, An alliance between South Africa’s ruling party and labour unions is pushing for the mobilization of domestic pension funds to drive economic growth and urging caution about borrowing money from international financial institutions. The ANC’s Economic Transformation Committee has published a new proposal document which includes planned changes to how pension funds will work in South Africa. Would you like to comment on this article or view other readers' comments? The Special Tribunal has granted the Special Investigating Unit (SIU) a temporary interdict prohibiting the Government Employees Pension Fund (GEPF) from paying pension benefits due to the former Department of Agriculture, Land Reform and Rural Development Chief Financial Officer. Enter the details and calculate the pension and other factors using the Pension calculator South Africa. The proposed social security and retirement reforms are intended to ensure that all South Africans receive at least a basic level of retirement benefits through a combination of social assistance and a contributory social security arrangement. South African News – Real and Up-To-Date. Domestic pension funds have historically been the largest investors in South African government bonds,…, Cape Town – South Africa’s Pension Funds Adjudicator Muvhango Lukhaimane received close to 38% more complaints from pension fund members in the 2015/16 financial year. Speaking in a parliamentary Q&A session on Thursday (22 August) Ramaphosa said that the proposal had the backing of the Congress of South Trade Unions(Cosatu), Reuters reported.…, Please help IRFA to energise our retirement ecosystem by completing industry survey The theme of the annual IRFA conference to be held in Durban at the end of July emphasizes the interconnectivity and impact of all the components in our African retirement ecosystem. Pension changes for South Africa could boost Ramaphosa’s investment plans Petrol price double-blow for South Africa Next article Duxbury Networking wins HPE Aruba Distributor of … JOHANNESBURG — South Africa’s National Treasury is proposing changing rules governing pension funds to encourage investment in infrastructure projects. The Treasury is proposing changes to Regulation 28 of the Pension Funds Act in draft amendments published for public comment on Friday. Code to add this calci to your website . AFRICA FOOT PRINT Read More. August2020 . Do you know how the default regulations could impact your retirement? “The continued upward trajectory of our key operating and financial metrics demonstrates the resilience of our business model despite the current challenging market and…, JOHANNESBURG– South African pension funds have cut their holdings in local government bonds to the lowest level in nearly 4-1/2 years because of political turbulence in the country, but yield-hungry foreign investors are proving less hesitant. Get your pension fund out of South Africa NOW. The information before the solicitor-general reveals that the instruction to withhold the payment of the former minister’s pension was received from the South African … As much income as possible at retirement, thank you! In the 2018 report, South Africa ranks in 28th place, having some good features but also major risks. These 17 tax ‘mistakes’ could see you hit with a fine or even prison time in South Africa Updated Covid-19 guidelines for workers over 60, and other vulnerable employees in South Africa The changes are "informed by a number of calls for increased investment in infrastructure given the current low economic growth climate," it said, stressing that the decision to invest in any asset class remained up to the board of trustees of each fund. Why Attend The Africa Pensions Excellence Awards®? Or that Morocco led the intra-African investment in 2016? The Treasury is proposing changes to Regulation 28 of the Pension Funds Act in draft amendments published for public comment on Friday. 1 March 2021 marks a watershed for retirement funds in South Africa, says Jean du Toit, attorney and head of tax technical at Tax Consulting South Africa. Please read our Comment Policy before commenting. At face value South African pension funds and asset managers are significantly under invested in infrastructure. In the entity’s latest annual report, Lukhaimane said 9 667 new complaints were received, while she made 83% of rulings in favour of the complainants,…, Pretoria: Minister of Finance Malusi Gigaba has called on retirement funds to obey strict rules laid down by the pension funds regulator. A continental perspective on Pensions for pension professionals. According to the South African Institute of Race Relations (), the total value of South Africa’s retirement savings was over R4 trillion in 2017 – nearly the same size as the total gross domestic product (GDP) that year.Since then, GDP has been shrinking, with StatsSA noting that the economy declined by 2% in the first quarter of 2020. Comparisons of fees and…, Following recent media articles about Transnet Employees’ Pension Fund, the Financial Services Board (“FSB”) deems it necessary to clarify that certain public sector retirement funds, including three funds established under Transnet, are not regulated under the Pension Funds Act, 1956 and, therefore, are not under the supervision of the FSB.…, Default regulations: you still need to make active choices Shreekanth Sing, Technical Legal Adviser, PSG Wealth Having default retirement strategies in place does not take the responsibility away from you to consider appropriate investments or holistic financial planning needs. How do you know if you qualify? The ANC are going to amend section 28 so that they can loot S African pension funds for infrastructure projects post lock down. The South Africa pension calculator is specially designed for the South African nationals. Abedian and…, Allan Greenblo, Editorial Director Today’s Trustee By all means consider investment in them, but not exclusively on the basis of cost The debate between the relative merits of active and passive investment, growing in intensity with the rising prominence of exchange-traded funds, tends towards the simplistic. As the name suggests, the Africa Pension Funds Network (APFN) is a network of African pension funds and their industry associations. Covering all the News & Insights for pension professionals. South Africa– Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican Number: 2005/028472/07. Address: Regus Business Centre 1st Floor, Block B, … However, there is no tax on overseas pensions in South Africa. Mauritius Finance Minister states that NPF beneficiaries will still receive their due, ANC and unions plan to use private pensions to fund South Africa’s growth, Government must look at using pension funds to generate growth: Ramaphosa, IRFA Invites stakeholders to participate in its industry survey, Aylett Fund Managers stands out at Morningstar Awards, Institute of Retirement Funds Africa announces best of the best at its 2019 annual awards ceremony, PUBLIC INVESTMENT CORPORATION INQUIRY -We saw no impropriety — PIC executives, Investec and UK government team up to support South African green investor, Municipal Councillors’ Pension Fund has reportedly been looted, Why threats to the Public Investment Corporation are a concern for all South Africans, Retirement funds take wait - and- see view of Crowdfunding Investments, PSG Konsult continues its upward trajectory, Political turmoil prompts South African pensions to offload government debt, Pension complaints balloon by about 10 000, Minister Gigaba supports PFA’s penalties against errant funds, Meet the Stakeholder’s of Africa Pension Funds Network, Key trends shaping the employee benefits landscape in 2017, It was another busy year for Pension Funds Adjudicator, Ismail Momoniat calls for law on unclaimed pensions, Gordhan lashes out at good auditors going bad, Fund Management - Exchange-traded funds are enjoying a surge in popularity, FSB clarifies which authority has the relevant oversight over the Transnet Employees’ Pension Fund. By Deirdre Phillips, senior associate at Bowmans While retirement funds across Africa have started to invest in…, For the six months ended 31 August 2017 PSG Konsult grew recurring headline earnings per share by a satisfactory 10% and return on equity by 21%. It really doesn't want you to use tracing agents who are not linked to pension funds. msn news. The commission of inquiry into the Public Investment Corporation (PIC) started in Pretoria on Monday with officials from the country’s largest asset manager outlining its…, A new renewable energy investment vehicle has received a ZAR 1 billion commitment from Anglo South African Investec and a United Kingdom government investment vehicle, with the aim of providing financial support to, and generating returns from, the green energy sector in Africa. This grant used to be called the old age pension. Africa’s most industrialized nation – the hardest-hit by the coronavirus pandemic on the continent – has put public works in sectors such as transport, energy and water at the heart of its economic recovery plans. Who is eligible for South African pensions? PRETORIA, SOUTH AFRICA - NOVEMBER 6: Reserve Bank Governor Gill Marcus shows off the new banknotes, which feature an image of former president Nelson Mandela on the front and images…, Opinion piece by Tracy Jensen, 10X Investments’ chief operating officer South Africa’s Public Investment Corporation (PIC), which has R2 trillion of assets under management, is in the news for all the wrong reasons. The Financial Sector Conduct Authority wants South Africans to access its online database of unclaimed pensions, or contact it directly, to find out whether they are owed money. Plan to allow South African workers' pensions to back state assets raises concerns The government is seeking access to capital to help fund state-owned enterprises and infrastructure projects The ANC government is proposing rule changes that would allow South African pensioners' savings to be invested in state-owned enterprises such as utilities provider Eskom, which is $26bn in debt. Pensions Africa® is a continental authoritative magazine covering news, interviews, developments, investments, analyses and commentary on topical issues within the African pensions industry and is circulated to pensions professionals, companies and all key stakeholders across Africa. Challenge employers and trustees on their selections. This rule sets the maximum percentage of a fund's assets that can be invested in different asset classes and is aimed to shield savers from over-concentrated investments. This index ranks the state pensions in 33 countries around the world. Pension age in South Africa The Special Tribunal has frozen the pension fund of the former CFO of the department of agriculture, land reform and rural development, Jacob ... SA seeks to lift infrastructure investment with change to pension fund rules. After winning the category in 2017, the fund was named as the 2019 winner at the Morningstar South Africa Fund Awards on Wednesday evening.…, Institute of Retirement Funds Africa announces best of the best at its annual awards ceremony The Institute of Retirement Funds Africa (IRFA) industry awards and recognition programme has evolved considerably since its initial inception as a “Communication Challenge” some 31 years ago, into a robust and respected programme which seeks…, The Public Investment Corporation inquiry kicked off with two executives saying they witnessed no legal breaches — or employees acting for their own personal benefit. As companies are pushing code faster and more often than ever, the rate of vulnerabilities in our systems is accelerating. powered by Microsoft News. You must: be a South African citizen, permanent resident or refugee; live in South Africa; not receive any other social grant for yourself; not be cared for in a state institution; not earn more than R86 280 if you are single or R172 560 if married. Government has decided to allow people to have access to their long-term savings as the country faces its worst economic crisis. Those retiring to South Africa who are receiving a South African pension, you will be liable to pay tax on annual earnings above R114,800 and at least 18% tax on lump-sum payments above R500,000. South Africa’s former president, Jacob Zuma, will be paid a handsome annual pension, with taxpayers footing the bill. Address: Regus Business Centre 1st Floor, Block B, … Johannesburg - South Africa's National Treasury is proposing changing rules governing pension funds to encourage investment in infrastructure … Mamelodi businesses |'Why we pay R400 a month extortion fee', Pupils refuse to go to class, claiming racism at Durban school, ANC's top 6 resolves to let Zuma deal with his own legal trouble, Lions put down after they kill tracker in Limpopo national park. Cape Town – South Africa’s Pension Funds Adjudicator Muvhango Lukhaimane received close to 38% more complaints from pension fund members in the 2015/16 financial year. They also say overall investment in infrastructure across all asset categories may not exceed 45% of domestic exposure and an additional 10% for the rest of Africa. Covering all the News & Insights for pension professionals. A discussion document dated 25 May, prepared for meetings of the alliance members, cited the use of…, Namibia: August 2019 THE Government Institutions Pension Fund has said its chief executive officer, David Nuyoma, will meet the prosecutor general to understand how her office concluded that some N$600 million in pensioners' money that the pension fund lent to start-up businesses between 1995 and 2005 was lost and would…, August 23 2019 South Africa should investigate using worker pensions to fund finance development and infrastructure projects, president Cyril Ramaphosa said on Thursday. Duration: 0:13:37. September2020. Jacob Hlatshwayo, the former CFO of the Department of Agriculture, Land Reform and Rural These are just some of the latest realities about the continent revealed in the annual African Economic Outlook 2017 – produced by the African Development Bank…, Copyright © 2021 All Rights Reserved The National Treasury is proposing changing rules governing pension funds to encourage investment in infrastructure projects. DEVOPS ENGINEERS | 16-18 September 2020 | SOUTHERN SUN | HYDE PARK. In the entity’s latest annual report, Lukhaimane said 9 667 new complaints were received, while she made 83% of rulings in favour of the complainants,… Africa's most industrialised nation - the hardest-hit by the coronavirus pandemic on the continent - has put public works in sectors such as transport, energy and water at the heart of its economic recovery plans. The proposed amendments do not introduce infrastructure as a new asset class alongside existing ones like equities, debt instruments and property but allow for infrastructure investments to be recognised within those asset classes. Our membership currently includes industry…, Cape Town: The massive growth of commercial umbrella funds, new entrants into this market, potentially far-reaching regulatory reforms, significant changes in benefit design and member communication, and an unusually high number of disability claims are all having a marked impact on South Africa’s employee benefits industry. A continental perspective on Pensions for pension professionals. Ramaphosa sings Mboweni's praises, debunks speculation over his future in ... Revised health spending plan slated all round, Informal traders welcome R4bn budget allocation for rural, township enterprises, R37m Beitbridge fence will not be fixed - those who built it still contracted, 'They must finish their work': Mboweni says no more cash for Zondo inquiry, Agrizzi bail conditions extended & amended as he's 'reliant on oxygen', What you need to know about SA vaccine rollout. The South African Revenue Services didn’t gazette the EU quota rates for about month, with no reasons given – and then suddenly published them Tshegofatso Mathe Business Currently South African pension funds invest +/- 1% into unlisted infrastructure. However, with streamlined systems in place, the OPFA…, Concern overestimates by FSB that at least R40bn remains due to former workers The legislation is needed to compel pension fund administrators to increase efforts to trace beneficiaries and pay out billions of rand in unclaimed funds, Treasury deputy director-general Ismail Momoniat says. Revego Africa Energy has been set up…, An elaborate looting scheme by the Municipal Councillors' Pension Fund has been uncovered and the Hawk's are investigating the case. Address: Regus Business Centre 1st Floor, Block B, … A review of corruption cases not prosecuted by departed NPA boss was 'in the interests of justice'. South Africa By Reuters - 27 February 2021 - 14:10 The Treasury is proposing changes to Regulation 28 of the Pension Funds Act in draft amendments published for public comment on Friday. In the rapid consolidation of smaller standalone retirement funds into multi-employer umbrella arrangements, trustees find comfort in the lower costs and reduced administrative burdens offered…, Investing assets in crowdfunding platforms that further economic and social needs may well be the preferred next-generation alternative asset class for retirement funds, but South African regulation is not yet up to speed. The South African retirement calculator is an effective tool to find the pension that you will be receiving after the retirement. South Africa– Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican Number: 2005/028472/07. Africa’s growing pension funds are good for infrastructure projects, African Economic Outlook: 10 facts you probably didn’t know. Events July2020. Countless South Africans are owed pension benefits, and yet claiming is a constant battle. Now the cat is set amongst the pigeons. web search. Get the latest news, sport, celebrity, finance, lifestyle, weather, travel, cars, technology and live scores - expertly curated from top local South African and global news providers. An alliance between South Africa’s ruling party and labour unions is pushing for the mobilization of domestic pension funds to drive economic … Menu.

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