The Two Pot System – Panic or prepare

We have seen political views overriding good advice in the latest Standing Committee on Finance decision to keep the implementation date on 1 March 2024 with the full knowledge that legal systems and fund preparedness cannot be in place at this date.

We advocate getting as many of our ducks in a row rather than paying or actioning any laws that have not yet been promulgated.

In this workshop we bravely debate some processes that must be initiated to start preparing and to avert last minute panic.

I quote:
Lize de la Harpe – Senior Legal Advisor at Sanlam
This unexpected turn around at the eleventh hour will undoubtedly cause headaches for administrators and funds alike. To make matters worse, the industry is now expected to finalise implementation of these changes without final legislation – the Revenue Laws Amendment Bill is only expected to be finalised by the end of December 2023 or early January 2024.

AGENDA

• Introduction
• Establish an Action Sub-Committee
• Employer preparedness – information and training on what we know.
• Member preparedness – communication and training on what we know.
• Advanced Calculation of Seeding (Agterskot/Voorskot)
• Designing the Withdrawal form
• Obtain a list of employee marginal tax rates from the employer.
• Modify the IPS for liquidity provision of the Savings Pot.
• DB Funds to strategize with the fund actuaries.
• Discuss cost-effective alternatives with your administrator.
• Design a bespoke process which is in sync with the administrator.
• Anticipate any extra costs and fees that will be incurred.
• Make provision for adjustments from early December promulgation of the Taxation Laws.

Date: Monday 27th November 2023
Time: 10:00 to 13:00
Venue: Zoom
Cost: R 1 300 per delegate or by quotation for large groups or funds
Registration: greg@fq.co.za