“Whilst the move towards TGP, which consists of both the cash and the cost of all benefits, potentially means a higher amount is referenced for retirement savings, our findings also indicate that more employers offer flexibility with regards…
"While these proposed changes are a step in the right direction to give effect to the two-pot system, the lead time provided still falls short of that which industry stakeholders advocate for to overcome the practical challenges associated with…
"Employers are thus encouraged to ensure that they evaluate whether re-employing retired employees or those who are approaching or have reached retirement age constitutes waiving of the employers' rights associated with employees reaching retirement…
"Deciding on an appropriate tax-efficient investment, such as a retirement annuity (RA) or a tax-free savings account (TFSA) depends on your circumstances. But you don’t have to choose one or the other, both an RA and a TFSA can be included…
“Given that half of local businesses are currently non-compliant, urgent action needs to be taken. Business owners need to pay more attention to this statutory benefit, which is essential to protecting the health and wellbeing of their workforce,”…
"As we navigate through shifting market trends, technological changes, and the introduction of the innovative Two-Pot Retirement System currently scheduled for 1 September 2024, it becomes increasingly important for financial advisers to engage…
"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…
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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