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Clampdown on employers who steal from funds
The government, the financial services regulator and the pension funds adjudicator have run out of patience with employers who deduct retirement fund contributions from their employees' pay packages and fail to pay the money over to the funds and to life assurance companies that provide group life cover against death and disability.
[Full Story...]
You need R6m to earn a pension of R15 000 a month
How likely is it that you will have R6 million in savings and investments if you retire at age 60?
[Full Story...]
Some sound advice about buying your 'dream' retirement home at the coast
Property sales are often based on hyperbole that sometimes stretches to the irresponsible. But there are many estate agents who do tell it like it is.
[Full Story...]
Life assurers change their tune on how they penalise you
It has been nearly five years since the life industry agreed to lower its penalties if you stop or reduce payments on its savings products, and a year since the Pension Funds Adjudicator decided Old Mutual could not impose the maximum penalty more than once on a single policy. We report on the latest developments.
[Full Story...]
Curator of stripped funds accepts multi-million Alexander Forbes offer
An offer of hundreds of millions of rands by retirement fund administrator Alexander Forbes to settle a claim for its part in the stripping of the surpluses of seven retirement funds in the 1990s has been accepted by the curator of the funds, Tony Mostert, opening the way for significant payments to pensioners of the funds.
[Full Story...]
Choose the right vehicle for your investment needs
As an investor, you might be easily confused by the number of investment options available. Deciding which one to go for is not always easy and, as with most financial decisions, you need to give your choice careful consideration. At a recent meeting of the acsis/Personal Finance Financial Planning Club, Gerrit Viljoen, the founder of Ultima Financial Planners and a former winner of the Financial Planner of the Year award, compared choosing an investment to choosing a car.
[Full Story...]
Tread carefully before you change assurance products
Switching financial services products, particularly when a life assurance investment product matures, is not necessarily a bad thing. You may get a far better deal, particularly when it comes to costs, which, if they are high, can significantly undermine your savings over the long term. And you may pay far lower premiums if you switch a risk life assurance policy.
[Full Story...]
Metropolitan to transfer Ovation pensioners to Glacier
The end is in sight for the long-suffering Ovation pensioners whose investment-linked living annuities (Illas) were underwritten by Metropolitan Life. The administration of their retirement savings is to be transferred to Sanlam's Glacier platform.
[Full Story...]
Does your fund send the right message?
Hear ye, all trustees of retirement funds! Do you think your communication with your members is up to scratch?
[Full Story...]
Negligent RA administrator ordered to pay shortfall in member's benefit
Your retirement fund administrator has a duty to administer your fund properly, and it can be held liable if your benefit payout is reduced as a result of maladministration.
[Full Story...]
KPMG's stance does little for public trust in auditors
Last week, auditing company KPMG hosted a breakfast to launch the second edition of its educational handbook for retirement fund trustees. The guest speaker was Mervyn King, otherwise known as Mr Corporate Governance.
[Full Story...]
Your retirement savings deserve King III treatment
Mervyn King, generally known as Mr Corporate Governance, says your retirement fund trustees and service providers should treat your retirement savings in the same way as they would care for the financial assets of an incapacitated relative.
[Full Story...]
Product providers must also ensure you get proper advice
Last week Personal Finance reported in detail on welcome new moves by the Association for Savings & Investment South Africa (Asisa) to provide better guidelines to pensioners with investment-linked living annuities (Illas) to help ensure that their pension is sustainable for the rest of their life.
[Full Story...]
Ex-spouse gets pension payout, but 'she should be forced to save it for the future'
In an attempt to prevent non- member former spouses from exploiting a loophole in the law that permits them to receive their portion of retirement fund benefits as a cash payment before the earliest retirement age of 55, Charles Pillai, the new Pension Funds Adjudicator (PFA), has sent his first ruling to the Registrar of Pension Funds and the National Treasury with the recommendation that existing legislation is amended.
[Full Story...]
Choosing the right pension for your retirement - Part II
This is the second and final part of our educational piece on retirement and pensions. In this case, how to get the most out of a living annuity.
[Full Story...]
FSB gets tough on retirement contributions
The Financial Services Board (FSB) intends naming and shaming employers that deduct retirement contributions from their employees' pay packages and fail to pay the money over to retirement funds and life assurance companies that provide group life cover against death and disability.
[Full Story...]
Research on pensions is 22 years overdue
Traditional "straight line" expected return methods are not sufficient for making decisions on how to draw down your retirement savings in retirement, says Matthew de Wet, the head of investments at Nedgroup Investments in a comprehensive presentation on understanding investment linked living annuity (Illa) strategies.
[Full Story...]
New rules to ensure your living annuity lasts the distance
The Association for Savings & Investment South Africa (Asisa) has stepped in to set standards to improve the probability of pensioners and their advisers making better decisions when using investment-linked living annuities (Illas).
[Full Story...]
Law to clarify how your retirement fund benefits will be taxed
Major changes to the taxation of retirement fund benefits have taken place over the past three years. Proposals in this regard in the Taxation Laws Amendment Bills this year largely refine the changes that were announced previously or correct anomalies that have arisen as a result.
[Full Story...]
Choosing the right pension for your retirement - Part I
When must you choose a pension and what are your options?
[Full Story...]
Life stage vs lifestyle
Financial services providers have different ideas about the ideal way to structure your investments before and during retirement. Some place importance on the affordability of your expected lifestyle once retired.
[Full Story...]
Life's a stage ... and then you retire - Part II
This is the second and final part of the retirement planning story 'Life's a stage ... and then you retire'.
[Full Story...]
Life’s a stage ... and then you retire - Part I
A popular approach to saving for retirement is to divide your working life into stages and adjust the risk profile of your investments accordingly. But this strategy is under question in some quarters as being too risk-averse in the final stages. We take a closer look at life staging and its alternatives.
[Full Story...]
Don't assume RAs won't be a good investment
Be wary of anyone who advises you not to save for retirement using a retirement annuity (RA) because of proposed changes to the prudential investment guidelines for all retirement savings vehicles.
[Full Story...]
Approach your fund if your surplus payout is incorrect, says FSB
If you suspect that you have not received what you should have from your retirement fund or former fund's surplus apportionment scheme, you will have to provide evidence before you can challenge the payment made to you and you should approach your fund or administrator.
[Full Story...]
Death benefit payouts: weigh up your options carefully
There is no reason you cannot arrange your tax affairs to your best advantage, or to the best advantage of your dependants.
[Full Story...]
Overhaul of pension laws becomes a burning issue
Although the Pension Funds Act has worked well in protecting your retirement savings, experts say its revision is urgently needed to ensure your complaints are dealt with efficiently and that parties not fulfilling their obligations are held to account.
[Full Story...]
Increase in errant employers
There has been an increase in the number of employers being reported to the Financial Services Board (FSB) for the non-payment of contributions, and the regulator is hoping soon to impose a severe penalty on errant employers through its enforcement committee.
[Full Story...]
Decisions on retirement fund death benefits often disputed
Retirement fund trustees' decisions on how to allocate benefits to beneficiaries after the death of a fund member are increasingly being disputed and often end up as complaints at the office of the Pension Funds Adjudicator (PFA) or even at the High Court.
[Full Story...]
Government fund, principal officer part ways
The Government Employees Pension Fund (GEPF) this week announced that Maemili Ramataboe, the fund's principal officer, has agreed to the "early expiry of her services" with immediate effect.
[Full Story...]
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