A key question when divorcing is the division of retirement benefits between spouses and navigating this aspect of your divorce can be complex. Salome Young, Senior Legal Counsel at Ninety One, shares her insights.
"Seed funding (10% of vested component to a maximum of R30 000) will be accessible from 1 September. Members should be aware of tax implications, including potential changes to marginal tax rates, and the impact on future compound interest and…
With the new two-pot retirement system taking effect in six weeks, members of retirement funds should ensure that they understand the implications of the system, according to Adri Messerschmidt, senior policy advisor at the Association for Savings…
"This year's study validates the ongoing financial and knowledge barriers that South Africans face, which impede effective retirement planning. However, the responses also show a greater awareness of the importance of education in overcoming…
“Preparing and planning for retirement can significantly ease one's later years and prevent loved ones from being financially burdened. By saving more than what might seem necessary now, individuals can create a financial cushion that ensures…
“Any amount withdrawn annually is added to taxable income for that respective tax year, potentially increasing tax liability significantly, especially if they are in a high-income bracket. If you contribute to a retirement annuity to benefit…
"The campaign also aims to demystify the two-pot system, an important retirement reform aimed at addressing essentially two challenges: the lack of preservation and the lack of access to retirement fund savings in cases of emergencies by members…
"Rather than wait for 1 September 2024 and then suffer the disappointment of not having the minimum withdrawal amount of R2 000 in your savings pot, check your retirement benefit statement sooner rather than later," says Natasha Huggett-Henchie,…
"A 2022 survey by the National Treasury revealed that only 6% of South Africans are financially equipped to retire comfortably. This alarming statistic demonstrates the urgent need for effective financial strategies, particularly with the emergence…
“We fully support the new system which seeks to balance immediate financial struggles with long-term security. It is important to encourage people to learn about the Two-pot system, understand the consequences of making an early withdrawal and…
"A living annuity is not a set-and-forget product. The management of a living annuity needs to be dynamic. Drawdown rates and investment strategies may need tweaking over time, taking into account the age, gender and circumstances of the pensioner…
"This legislative action signifies the final step towards the implementation of this new retirement system and effectively means that effective from 1 June 2024 – there is no turning back," says Guy Chennells, Chief Commercial Officer of Discovery…
"To bridge this gap, EB programmes must evolve to be more inclusive and aligned with the earning capacity of each employee. It's not just about the generic offerings; it's about tailoring programmes that resonate with individual journeys and…
“One of the most important points to communicate to members is when their money will be accessible. Even though the legislation goes live on 1 September, it doesn't mean funds may be able to pay out on that date as there are several steps that…
Insurance Biz is a New Africa Busines News Services (NABNS) publication launched in 2013 to focus on the insurance industry, investments, financial planning, employee benefits etc. It remains a great resource of news for industry professionals, and for those who seek to learn about the financial sector developments.
Subscribe to our weekly newsletter to get the latest insurance and economic news in SA.
Insurance Biz proudly displays the "FAIR" stamp of the Press Council of South Africa, indicating our commitment to adhere to the Code of Ethics for Print and online media which prescribes that our reportage is truthful, accurate and fair. Should you wish to lodge a complaint about our news coverage, please lodge a complaint on the Press Council's website, www.presscouncil.org.za or email the complaint to enquiries@ombudsman.org.za. Contact the Press Council on 011 4843612.
© Insurance Biz 2008-2024
