Industry Updates

A recent determination by the Pension Funds Adjudicator underscores the necessity for retirement funds to act within the constraints of Section 37D of the Pension Funds Act when withholding benefits at an employer’s request. In the case of A Buys v Sentraal Suid Aftree Fonds, the Adjudicator ruled that a fund improperly withheld a member’s withdrawal benefit based solely on an employer’s allegations and a criminal investigation, without a civil judgment or admission of liability. This ruling reaffirms that funds must exercise discretion carefully, act impartially, and ensure that withholding benefits is legally justified to avoid undue prejudice to members.

In a recent Umbrella Fund Master Class on Asset TV South Africa, Jolly Mokorosi, Independent Trustee of the Sanlam Umbrella Fund, joins host Mosidi Modise and industry peers to explore emerging trends and themes surrounding two-pot withdrawals—and much more.

On 11 July 2024, Sanlam revealed its findings from its much-anticipated Benchmark Research. Given that Two-pot and the NHI are top of mind, the research focuses on healthcare and wealthcare – two levers for accelerating a better working South Africa.

Legal advisor at Sanlam, Lize de la Harpe, explains how the conditions and specific requirements set out in The Protection of Personal Information Act, 20213 (POPIA) applies to retirement funds in the latest Pensions World publication.

The Budget Speech Summary provides insights on how the country’s current economic standing will affect you.