South Africans seem to live in constant fear of the government going after their savings. New tax rules for emigrants' retirement funds is just the latest development to fuel this anxiety. Andre Tuck, Senior Investment Consultant at 10X...
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Proposed additional exit tax leaves industry experts confused
Tax Consulting SA gives the lowdown on a new draft tax bill which essentially proposes an additional exit tax on retirement funds. It is not uncommon for National Treasury and the South African Revenue Services (SARS) to propose, and subsequently...
GEPF establishes complaints handling office
If you are struggling to get your claims processed or not receiving your benefits, help is at hand with the recent establishment of the Government Employees Pension Ombud (GEPO). The state is the largest employer in the country, and the Government...
Retirement planning is not a once-off event
Jaco Prinsloo, Wealth Manager at PPS Wealth Advisory, has some sensible advice around retirement planning. As a wealth manager, I have observed that there are two typical clients. Some dread retirement, while others look forward to it. Those who...
Make the right choices from the start
The great thing about getting your first paycheque is that you have the opportunity to do the right things before the bad habits kick in. The day that first paycheque hits your bank account you feel like you have finally arrived. But how you manage...
Listen: How to decide on the right retirement village
We all go through the aging process, and one of the big decisions we have to make ‒ for ourselves or for our parents ‒ is whether (and when!) to downsize and move into a retirement village. This is not an easy decision and can be further...
The effects of delaying your retirement
What if you could change your retirement by working just one more year? André Wentzel, Head Client Solutions Savings at Sanlam, explains how delaying your retirement by one, three or five years could fundamentally change your savings and enable a...
Treasury says “no” to pension loan proposal
National Treasury has made it clear that it does not support any calls to allow members to borrow money from their pension funds. This was in response to a Private Member’s Bill to amend the Pension Funds Act. This Bill was put forward by DA MP Dr...
Fancy new car or a fabulous retirement?
Khwezi Jackson, investment consultant at 10X Investments, explains how buying a fancy new car could sabotage your retirement funding. Seeing a headline, ‘Spending R10,000 per month on a new car’, got me thinking: Why would anyone spend that much...
Video: The true cost of cashing in your pension
Do you know the true future cost of cashing in your pension? The long-term consequences are not reversible and will leave many financially destitute when it comes to retirement. This video, as part of a member education series for the Government...
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Video: Make sure you receive your retirement benefits on time
As you enter retirement, one of your biggest risks is a delay between when you receive your final salary and the first payment from your pension. This video, as part of a member education series for the Government Employees’ Pension Fund (GEPF), explains what you need...
Video: Changes to provident funds
On 1 March 2021 the Taxation Laws Amendment Bill of 2020 came into effect. It contains changes that have a direct impact on the members of provident funds. These changes are part of a process to simplify the retirement fund industry and bring provident funds in line...
Supporting your retired parents
Many retirees have not saved enough to meet their financial needs, leaving children with the burden of supporting their retired parents. A retirement survey by Sanlam found that 51% of retirees cannot make ends meet, and one-third do not have enough money to cover...
The true cost of cashing in your pension
Have you heard of the term Sdudla? I recently came across it in relation to members of the GEPF, specifically members who are teachers and nurses. This is the practice of resigning from your post to access your pension fund. As teachers and nurses can work as...
Think before you plunder your retirement fund
Right now you may be feeling overwhelmed by debt, but the impact of drawing on your retirement fund will leave you financially destitute at a very vulnerable time in your life when you may be too old to work. You may not have many options in terms of earning an income...
Make sure you receive your retirement benefits on time
As you enter retirement, one of your biggest risks is that you could experience a delay between when you receive your final paycheque and the first payment from your pension. This is true in both the private and public sectors and managing this transition should form...
Video: GEPF: Who receives your pension benefits?
One of the questions I receive most often from retirement fund members is about who has a claim to their retirement funds if they die in service. This video, as part of a member education series for the Government Employees Pension Fund (GEPF), explains who is...
GEPF: Who receives your pension benefits?
One of the questions I receive from most retirement fund members is about who has a claim to their retirement funds if they die in service. As a member of the Government Employees Pension Fund (GEPF) one of the most important documents you need to keep up to date is...
Video: Why it pays to be a member of the GEPF
As a financial journalist I am increasingly concerned about misinformation provided to members of the Government Employees Pension Fund (GEPF) by unscrupulous financial advisers. Some advisers use fear tactics, telling members that their funds will be stolen or...
What is the tax benefit of an RA?
A reader asked: “I am 38 years old and I am not happy with the returns on my Retirement Annuity (RA). I am considering scaling down my monthly contributions and rather investing the money offshore myself through a stockbroker. What are the tax differences once I reach...