Industry Updates

Following the 2026 Budget Speech, several updated tax thresholds and limits apply to the retirement fund industry from 1 March 2026. Consultants should note the increased contribution deduction cap, higher retirement interest de minimis threshold, and revised living annuity commutation limits.

Accurate, up‑to‑date member information is essential for smooth SARS compliance and timely claim payments. Maintaining valid passports, permits and personal details prevents directive rejections, bank verification issues—helping employers protect members while reducing delays, risks and last‑minute escalations.

The 2026 National Budget introduces inflationary relief, higher retirement and savings limits, and key reforms across financial regulation, infrastructure investment and consumer protection. Sanlam Corporate unpacks the major changes affecting retirement funds, individuals and the broader financial sector, offering insights on their impact.

PCC 59 outlines FICA’s beneficial ownership requirements to combat financial crime and ensure transparency. Institutions must identify and verify individuals who ultimately own or control clients. Failure to verify may prevent relationships and trigger reporting obligations.

David Gluckman, former Chair of the Sanlam Umbrella Fund, calls for bold reforms to simplify retirement systems, reduce costs, and protect members. His five-point plan urges industry collaboration to tackle bureaucracy, boost competition, manage small balances, and use reserves for member benefit.

Recent market gains outpace annuity cost increases, creating an ideal window to secure guaranteed income for life. A guaranteed annuity or a blend with a living annuity offers stability, sustainability and peace of mind.