Retirement

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Industry seeks clarity on retirement reforms during Budget Speech

24 February 2014 | General

In anticipation of this year's South African National Budget Speech, taking place on 26 February, the retirement fund sector is hoping to gain further clarity on the issue of compulsory preservation pre-retirement and confirmation on the government's plans to implement a tax-preferred savings and investment account.

Boost your retirement savings - and your tax return

19 February 2014 | General

With the 2013/14 tax year drawing to a close on 28 February, it’s a good time to remember that a retirement annuity (RA) investment offers a number of advantages. Below are three reasons you may want to consider an additional contribution to your RA before the end of the current tax year:

The Power of Patience: think again before buying that shiny new bicycle

18 February 2014 | Savings & Investments

So you have your eye on a shiny new bicycle. You can already see yourself taking to the streets on that glamorous new set of wheels. But stop for a second and imagine a whole different picture. Instead, see yourself cycling with your family through the vineyards of southern France, sipping wine and breaking baguettes in the Mediterranean sun. The second option may seem like a dream, but if you patiently invest the money you would have spent on the bicycle and allow it to grow through compounding – that exotic trip could definitely become a reality.

Non-payment of pension contributions now a criminal offence

18 February 2014 | General

Far-reaching new legislation has been introduced which will make non-payment of retirement fund contributions by employers a criminal offence, punishable by a fine of up to R10 million and/or imprisonment of up to 10 years. In terms of the Financial Services Laws Amendment Act 2013, signed into law last month, company directors can also be held personally liable for non-payment.

quick poll

Question

If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?

Answer

2026, as promised 2027 looks more likely Impossible to say More consultation needed

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