"As the clock ticks closer to the effective date, financial advisers find themselves on the cusp of a transformative era in retirement planning – the advent of the Two-Pot Retirement System, and steering through this new landscape will demand…
"A retirement fund may deduct from a member’s retirement benefit any amount which the employee (member) owes to their employer on the date that they retire or that membership of that retirement fund terminates," writes Kenneth Coster, Partner,…
"Your benefit statement may reference both your retirement and risk benefits. Understanding what some of the key terms on your statement means, can help you pay closer attention to areas of special interest," says Robyn Laubscher, Advice and…
"The impending ‘two-pot’ retirement system will allow for limited withdrawals from the ‘savings pot’ for emergencies but no access to the retirement pot savings when changing jobs, guaranteeing the preservation of at least two-thirds of their…
“Traditional retirement models no longer apply in a world where we live longer, retire later, and seek fulfilment in our post-career years," says Bheki Mkhize, CEO of FNB Wealth and Investments.
“Interestingly, 46% of respondents want to retire at 61-70 years old, showing the traditional take on retirement remains entrenched, despite the dramatic increase in people’s expected lifespan,” says Farzana Botha, Segment Manager at Sanlam…
"For longstanding retirement fund members, there will effectively be three components: a vested, savings and retirement component. The same principle of taxation underlies the old and the new systems: contributions and build-up in the fund are…
“The outcome for some is that the capital is whittled away before they die, leaving them with no income and family members inherit the financial burden of supporting their ageing loved ones,” says Jeanine Astrup, a consulting actuary and member…
“While our country continues to implement structural reforms to improve access to retirement savings and prevent potential abuse of retirement funds, there is an urgent need to provide consumers with accessible solutions and education to help…
"The two-pot retirement system is intended to create two “pots” for retirement fund members. From the date the new system comes into effect, members will be able to make one taxable withdrawal a year from their “savings pot” (33% of contributions),…
“A very small group of South Africans have comprehensive access to quality healthcare. The cost of full cover is prohibitive for most South Africans. Therefore, there is a need for an alternative option that can provide access to private healthcare…
"It doesn't help to lament; we have to face the facts: The intergenerational contract has become fragile. The younger generations Y and Z in particular are being called upon to make (even) greater provision for old age themselves. The inconvenient…
"Health risk managers are becoming increasingly valuable to companies across South Africa, especially after the pandemic," says Shivani Vassen, Disability Consultant at Alexforbes Health Management Solutions.
With pension reform being a hot topic globally, Blessing Utete, Managing Executive of Old Mutual Corporate Consultants offers a unique perspective on the importance of thoughtful reform that takes into account the concerns and needs of all stakeholders,…
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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