From 1 March 2021, retirement benefits from provident funds and provident preservation funds will be governed by the same rules as pension funds.
The 2021 National Budget comes as South Africa prepares for the biggest vaccination programme in its history. The Budget Speech Summary provides insights on how it will affect you.
The fund and all its stakeholders such as employers, contracted benefit consultants and insurers will have to comply with the new requirements of POPIA from 30 June 2021. In the course of the next few months we will communicate with you the adjustments and tweaks we will make to our contracts, forms, processes and procedures.
Deduction from a benefit to compensate the employer for damages suffered because of theft or fraud by a member
The Western Cape High Court has in 2019 in the matter of SA Metal Group (Pty) Ltd v Deon Jeftha and 2 Others ruled that before the Board can decide to withhold a member’s benefit, “the employer's case, as related to the fund, must be put to the employee to afford him an opportunity to respond thereto”.
The Taxation Laws Amendment Bill, 2020 (“the Bill”) has been introduced to Parliament.
In terms of section 51 of the Promotion of Access to Information Act, 2000 (“PAIA”), all public and private bodies (including retirement funds) must prepare a PAIA manual.