"Investors in RAs can retire at any time after the age of 55 but are not compelled to do so. If required, multiple RA contracts can be used to provide the opportunity to stagger retirement, which is useful if an individual embarks on a second…
"At the core of my vision is the commitment to offer solutions that are not just comprehensive but also highly tailored. Each client's needs are unique, and we should reflect this diversity through solutions that encompass financial wellness,…
“When MIFA approached TymeBank to explore this initiative, the team at TymeBank readily welcomed our mission and has been very resourceful and solution-driven. This initiative with TymeBank introduces a digital mechanism for MIFA to settle outstanding…
"Difficult market conditions have triggered a healthy debate about the most appropriate application of living annuities in retirement plans. The discussion has shifted from a rather one-dimensional “living annuity versus guaranteed annuity”…
"One of the complexities of the two-pot system is how it will be implemented for defined benefit funds (DB funds) the largest of which is the Government Employees Pension Fund (GEPF) which has more than 1,2 million members," says Joon Chong,…
“Managing unclaimed benefits can be complex, particularly when the primary policyholder has passed away, and beneficiaries are unaware of their entitlements. Hence, it is important for policyholders to prioritise updating their personal details…
"A review of the living annuity statistics from 2018 to 2022, which covers a particularly tumultuous four years for the global economy due to the Covid-19 pandemic, confirms the robustness of the living annuity model as the average drawdown…
“We’ve discovered that the rising absenteeism trend among employees is due to mental health issues like stress, depression, and anxiety. Our service aims to address these hardships head-on by complementing existing Employee Assistance Programmes…
“In 2022, we confirmed that we would be ready for the Two Pot Retirement System on the condition that the relevant legislation was finalised expeditiously. As we approach the end of 2023, the legislation remains unfinalized, hindering our ability…
“Maternity leave and female retirement preparedness are interconnected aspects that significantly affect women's financial security and overall well-being. The savings structure, while comprehensive, has inadvertently placed women, especially…
"Immediate financial relief is crucial, but it should not come at the expense of one's retirement nest egg. We advise all South Africans to consult with experienced financial advisers before making any decisions related to their retirement savings,…
"The two-pot retirement system represents a fundamental change to the existing retirement savings structure. The new two-pot system intends to allow members of retirement schemes the flexibility to access one-third of their savings before retirement…
"The retirement journey is highly personal and complex, with challenges for everyone, and my suggestion for X-ers is to pause and take stock. Speak to a trusted financial adviser to get a holistic view of your situation, and then create a roadmap…
“Your protection and investment decisions should reflect where you are in life, so that all eventualities are covered, including updating your insurance, retirement, and healthcare policies annually and after major life events, such as having…
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.
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