October 10, 2023

Sabir Bacus Senior Benefit Consultant _______________________________________________________________________________________________________ The already complex South African retirement fund environment, from both a legal and a tax perspective is about to become even more so On 9 June 2023, the National Treasury released two draft bills, the Draft Revenue Laws Amendment Bill and the Draft Revenue Administration and Pension Laws Amendment Bill.  These bills seek to establish the Two-pots retirement system, set to take effect from 1 March 2024.  Other important changes have been drafted into these Bills, which will impact divorce, maintenance orders, disputes between employers and employees, and loans.  We provide a brief summary of these proposed changes. Home loans maximum limits A fund may only permit a maximum of 65% of a member’s benefit, which includes the savings, retirement, and vested components, to be available for the utilisation of a home loan. This... Read More

Gary Mockler Group Chief Executive Officer _______________________________________________________________________________________________________ GTC awarded the PMR Africa Diamond Arrow Award of Excellence 2023 A few weeks ago I attended a breakfast presentation with nine other staff as GTC was awarded the PMR Africa Diamond Arrow Award of Excellence for 2023, and notified that GTC was the highest-ranking recipient in our category. I have written six similar articles since 2018, as GTC has received this same award consistently over this period.  It means as much to me now as it did in 2018.  Repetition and familiarity have not dulled our senses – and I’m not speaking specifically about the PMR award. Much of what we do is repetitive and GTC has been doing it since 1991.  Managing people’s money, whether in their personal capacity or as a member of a retirement fund, is a serious undertaking... Read More