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Since 1994, retirement has been a sensitive topic in South Africa, which has been driven by the harsh reality that the majority of South Africans simply cannot afford to retire comfortably. In an effort to address this, government developed a retirement reform programme which is in the process of being ironed out.
As expected, the Budget Speech held few fresh developments for the retirement fund industry and retirement savers this year, other than the anticipated revision in the lump sum tax tables.
“Is retirement an idealistic industry-driven concept or is it really the picture-perfect period of peace and reflection worth striving for as a ‘natural progression’?” asks Patrick Barker, Private Client Portfolio Manager at Cannon Asset Managers.
The Registrar of Pension Funds appears to regard the problem of the late submission of retirement fund actuarial reports as pervasive enough to warrant administrative sanction.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?