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Statement of Intent - Liberty Life welcomes progress and is ready to implement

25 November 2006 Liberty Life

Following yesterday's recommendation by the Life Office's Association (LOA) for all Life Offices to implement the Statement of Intent  with effect 1 December 2006, financial services group Liberty Life confirms it is fully ready to begin implementation on the recommended date and supports the recommendation not to delay further.

Deputy Chief Executive Rex Tomlinson says, "Earlier this year, Liberty voluntarily and comprehensively re-designed our entire suite of recurring-premium investment and retirement savings products, in order to address many of the concerns raised with the industry. We felt it was the right thing to do and wanted to move ahead as quickly as possible. As a result, all our key systems to implement the changes proposed by National Treasury are already in place, and only need some fine-tuning to accommodate the final agreed details."

"One of the biggest issues facing our economy is that of a critically low national savings rate. The more the industry engages with National Treasury, and the sooner we move ahead with reform initiatives such as the Statement of Intent, the sooner we can provide much-needed clarity for consumers and assist in growing a broader savings culture in South Africa."

 

Quick Polls

QUESTION

What do you consider the most significant challenge in implementing the Two-Pot Retirement System?

ANSWER

Coping with new, unfinalised legislation, leading to uncertainty in implementation
Adapting to brand new claim types, requiring the development of digital, member-initiated claims capabilities
Addressing member education and awareness to correct misconceptions and ensure understanding of the system, including tax implications
All of the above
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