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February 20, 2017

Revised retirement regulations should provide improved outcomes for retirees

The National Treasury has moved closer to its goal of ensuring that South Africans can retire more comfortably following the release of its revised default regulations for the pension industry. This is the opinion of Jill Larkan, Corporate Liaison Executive at financial advisory business GTC. “These revised regulations follow extensive consultation with the retirement industry after the first draft of default regulations from National Treasury were published in 2015,” says Larkan. “The Treasury has clearly taken the concerns and input from the industry on board and the latest revisions are generally much less restrictive on the providers of retirement benefits, while still protecting fund members.” The aim of the regulations is to lower charges and improve market conduct in the retirement fund industry, to ultimately enhance retirement values by limiting costs and allowing more South Africans to retire comfortably. “The...
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