What is Regulation 28 of pension funds act?

Regulation 28 aims to mitigate concentration risk to member savings and ensures protection by limiting the extent to which retirement funds may invest in a particular asset or in particular asset classes.

Can you be forced to retire at 65 in South Africa?

The usual retirement age is, of course, between 60 and 65 years but an employee cannot be forced to retire unless their employment contract specifies the retirement age or there is a company policy that sets the official age for ‘riding your horse into the sunset’.

What is Section 13A of the pension funds Act?

According to section 13A, an employer of any member of a fund must make its monthly contribution payments no later than the 7th day of each month after the end of the month for which such a contribution is payable.

What is the pension funds Act?

The Pension Funds Act 24 of 1956 aims: to provide for the registration, incorporation, regulation and dissolution of pension funds and for matters incidental thereto.

What is Regulation 37 of the Pension Funds Act?

Regulation 37 states that a fund with a defined contribution category must require the board to include at least one default investment portfolio in their investment policy statement. Members will be invested in this portfolio unless they elect an alternative.

Can I claim UIF if I retire at 60?

If you retire, you may receive benefits from a retirement fund or annuity. However, you will not receive benefits from the UIF.

Can I retire at 55 in SA?

The official retirement age in South Africa is currently 60. However, there are no age requirements on retiring in South Africa. That makes South Africa a good destination for those who wish to take early retirement.

What is a Section 14.8 Transfer?

A Section 14 transfer is the transfer of retirement fund benefits from one retirement fund to another in terms of Section 14 of the Pension Funds Act. Section 14 transfers will either follow the Section 14.1 or 14.8 process.

What is Section 37C?

Section 37C of the Pension Funds Act 24 of 1956 (“the Act”) governs the distribution and payment of lump sum benefits payable on the death of a member of a pension fund, provident fund, pension and provident preservation fund and retirement annuity fund. These benefits are colloquially known as “death benefits”.

What are the rules for pension?

Maximum limit on pension is 50% of the highest pay in the Government of India (presently Rs. 1,25,000) per month. Pension is payable up to and including the date of death. A Central Government servant has an option to commute a portion of pension, not exceeding 40% of it, into a lump sum payment.

Is pension fund compulsory in South Africa?

It includes a mandatory pension and insurance system among the proposals. The department said that the absence of a statutory arrangement providing pensions and insurance is the most obvious gap in South Africa’s social security system.

What is the new pension law proposed for South Africa?

New pension law proposed for South Africa. The Democratic Alliance (DA) has called for comment on its proposed Private Member’s Bill (PMB) to amend the Pension Funds Act. The bill aims to amend the current Pension Funds Act to enable pension fund members to access a percentage of their pension fund before retirement as a guarantee for a loan.

What are the changes to the Pensions Fund Act?

The changes are aimed at ‘unlocking’ new investment in infrastructure by the private sector and form part of the process to amend Regulation 28 of the Pensions Fund Act to enable retirement funds to invest in infrastructure, Masondo said in his State of the Nation debate in parliament this week.

What is the purpose of the Pension Act?

to provide for the registration, incorporation, regulation and dissolution of pension funds and for matters incidental thereto.

Why are investors worried about the government’s pension reform plans?

The announcement incited concerns from investors and members of retirement funds because of the possible implications it could have on investment portfolios and investment outcomes in the country.