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Retirement funds in SA are changing – new laws come into effect on 1 March 2021
Click here for all our "personal finance" articles in one place.
New laws affecting provident funds come into effect on 1 March.
One of the aims of the laws is to create uniformity among all the various retirement savings vehicles such as retirement annuities, pension funds and provident funds.
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Currently, provident fund members can take their entire retirement benefit in cash upon retirement – they do not have to "buy" a pension.
Pension fund members must use a minimum of 66% of their retirement benefits to "buy" a pension upon retirement.
For 1 March, however, provident fund members will also be compelled to buy a pension with at least 66% of their benefits.
Contributions to provident funds made before March 2021 – plus all growth – can still be taken in cash upon retirement.
Provident fund members older than 55 remain unaffected by the changes as long as they remain with the same fund.
Found all that more than a bit confusing?
The Money Show’s Bruce Whitfield asked Warren Ingram (Personal Financial Advisor at Galileo Capital) to give more detail about the new laws affecting provident funds.
Listen to the interview in the audio below.
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