The 2022 Draft Revenue Laws Amendment Bill (“the Bill”), which introduces the so-called two pot system, was published for public comment on 29 July 2022. (More details on the two-pot system are contained in Sanlam Corporate Legal’s August 2022 Legal Report.) The commentary period has expired, and National Treasury has submitted their draft responses to comments received.

The Second Code for Responsible Investing in South Africa, 2022 (“CRISA 2”) has been issued by the CRISA Committee, and is endorsed by the Association for Savings and Investment South Africa (ASISA), the Batseta Council of Retirement Funds for South Africa, the Financial Sector Conduct Authority (FSCA), the Government Employees Pension Fund (GEPF) and the Institute of Directors South Africa (IoDSA).

In terms of section 7D(1)(a) of the Pension Funds Act (“the Act”) one of the duties of the board of trustees of a retirement fund is “to ensure that proper registers, books and records of the operations of the fund are kept”.

The Constitutional Court in 2004, in the matter of Volks NO v Robinson and Others, held that a permanent life partnership is not a marriage for purposes of the Maintenance of Surviving Spouses Act, and that it is, for purposes of this Act, justified to differentiate between married couples and permanent life partners.

Draft amendments to regulation 28 of the Pension Funds Act were published for comment in February 2021 and October 2021. The final draft has now been tabled in Parliament for review, where after the amendments will be published in the Government Gazette.

Read more on how the 2022 Budget Speech affects you.