Industry Updates
Are beneficiary funds more appropriate for the payment of minor beneficiaries’ benefits?
When a member of a retirement fund passes away, there is likely to be a death benefit payable by the retirement fund. The Pension Funds Act (the Act) which governs retirement funds, requires the board of trustees to...
2023 Budget Speech Summary
The Budget Speech Summary provides insights on how the country’s current economic standing will affect you.
FSCA Conduct Standard: New requirements related to the payment of contributions
The Financial Sector Conduct Authority (FSCA) has issued changes to the requirements for contributions, contribution statements and reporting around contributions. The purpose of the changes – reflected in the FSCA Conduct Standard 1 of 2022, is to standardise the manner and format of reporting by Funds in respect of all contribution related matters.
Policyholder Protection Rules update: Changing from group funeral insurance to individual cover
Insurers’ may not impose a waiting period on members who wish to enter a new individual funeral policy after their service with their employer is terminated, provided they were previously covered by a group funeral policy.
Group Risk – increase in group life and disability insurance costs
Michele Jennings, CEO of Sanlam Group Risk, discusses managing the increase in group life and disability insurance costs as a result of the impact of Covid.
The FSCA plans to name employers who are in arrears with their contribution payments
In a communication distributed In a communication distributed on 9 June 2022 (attached), the Financial Sector Conduct Authority (FSCA) announced plans to disclose the names of the retirement funds and employers who are in arrears.