Lourens Coetzee, an investment professional at Marriott Asset Management looks at the impact of various draw down rates on ones living annuity and notes that the survival rates with high draw downs are extremely low. Take the pain now for a better long term future: living annuity survival rate shock Retired investors commonly face the …. »
The retirement fund-related changes announced in the 2011/2012 Budget herald a significant change for the retirement savings industry and members will have to rethink their retirement planning carefully. The announcement by Finance Minister Pravin Gordhan that from March 2012 any contribution made by an employer to a retirement fund on behalf of its employees would …. »
A recent ruling by the PFA reveals the pitfalls of early withdrawal of retirement benefits, particularly where contract work and regular breaks in employment occur. Qondile Dyosi of Port Elizabeth worked intermittently for construction firm Murray and Roberts for 27 years from 1982 until his employment was terminated on 28 February 2009. He was a …. »
The Acting Pension Funds Adjudicator has dismissed the case of a South African woman living in the United States of America, who sought an order directing her former spouse’s South African retirement annuity funds to pay her a share of the pension interest assigned to her in terms of their US divorce decree. Former Durbanite, …. »
Living annuities face a credibility crisis as the consequences of three years of market weakness and volatility hit home. We have sounded the early alert on a looming stress test for this popular method of assuring retirement income. Living annuities were never the retirement income panacea for every consumer, but over the past five years, …. »
The South African retirement fund industry ranks among the largest 15 internationally, with some 8-million members and assets under management of close to R2-trillion. These statistics, from a recent study into pension scheme administration, were released in Johannesburg on 12 October at a one-day Retirement Reform Seminar, hosted jointly by the Association for Savings and …. »
The background Section 30 (2) (u) of the Pension Funds Act 1956 stipulates that a policy of insurance be effected to indemnify the pension fund against losses owing to the dishonesty or fraud of any of its officials or such other indemnification as the Registrar may allow. Other than this, there is very little clarity …. »
Introduction Section 37C of the Pension Funds Act 24 of 1956 has been the subject of much consternation among potential beneficiaries. The Pension Funds Adjudicator has had occasion to determine many such disputes over the years. These disputes have also been the subject of litigation before the High Courts. Background This article will focus on …. »
Our industry has made huge progress in recent years. The trouble is the recession and credit crunch have made it impossible to measure the impacts in terms of changes in client behaviour. Recession is beyond our control; so is the pressure on over-extended consumers that now find themselves paying down debt and tightening belts rather …. »
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