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With the recent implementation of South Africa’s two-pot system for retirement savings, financial advisors play a crucial role in guiding clients through this significant retirement change. This article explores the details of the system and highlights how financial advisors can best support their clients in making informed decisions for their future financial security.

As of 1 September 2024, South Africa’s two-pot system has introduced a major shift in retirement planning, providing both flexibility and long-term security for retirement fund members. In the past, individuals could cash out their entire retirement savings when changing jobs, often leaving themselves with insufficient funds for a financially stable retirement.

Recognising this issue, the government implemented the two-pot system, which allows members to access a portion of their retirement savings in emergencies while ensuring that the majority of their funds are preserved for the future.

At our recent Cape Town MasterClass, Lizl Budhram, Head of Advice at Old Mutual Personal Finance, discussed the importance of this change. “For years, we’ve spoken about the fact that only 6% of South Africans can retire with financial stability,” she explained. “It’s been 25 years, and that number hasn’t improved. Despite our best efforts, we’ve struggled to make a significant difference. Now, with the introduction of the two-pot system, the legislation itself will help drive better outcomes.

While the two-pot system offers immediate access to funds, its primary purpose is to improve retirement outcomes over the long term. The system is designed with a view toward future financial security. Lizl explains: “While we anticipate a lot of withdrawals in the short term, the Reserve Bank projects that in nine to 10 years, we’ll start seeing the benefits of the system. People will have accumulated more in their retirement funds, ensuring better outcomes for retirees.”

Previously retirement funds could only be accessed when you resigned, were dismissed or retrenched, but the new system is designed to address both immediate financial needs and long-term retirement goals, and financial advisors will play a key role in helping their clients navigate these changes effectively.

How Does the Two-Pot System Work?

The two-pot system will impact your client’s rights as a member of various retirement funds, including pension funds, pension preservation funds, provident funds, provident preservation funds and retirement annuities. Under this system, all affected retirement funds are required to create two distinct “pots”, which together make up one unified fund. The system also includes a vested pot, which we describe in more detail below:

1. The savings pot: This pot, also known as the “access pot”, receives one-third of the member’s retirement contributions. Starting from 1 September 2024, members are allowed to withdraw from this pot once every tax year, provided the minimum withdrawal is R2 000 (subject to deductions such as tax and other administration fees). The pot was seeded with either 10% or R30 000 – whichever was lower of the member’s accumulated benefits as of 31 August 2024. This pot is intended to provide members with financial flexibility in emergencies.

2. The retirement pot: This pot, also known as the “preservation pot”, receives the remaining two-thirds of your retirement contributions. This pot needs to be preserved and cannot be accessed until retirement, ensuring that the majority of the member’s savings are preserved for their future.

3. The vested pot: This is your fund value before the two-pot system was introduced. No further contributions can be made to this pot apart from arrears contributions, and it remains subject to the rules in place before the system’s implementation, meaning it’s accessible according to the previous withdrawal terms. Starting from 1 September 2024, up to 10% of your vested pot (capped at R30 000) will be transferred to your savings pot as seed capital, making it accessible if needed.

Here is a practical example of how the two-pot system works: If you contribute R6 000 per month to your retirement fund, R2 000 (one-third) will go into the savings pot; R4 000 (two-thirds) will go into the retirement pot.

Together, these pots strike a balance between allowing members access to funds when necessary and preserving long-term financial security. This dual-purpose structure is aimed at improving retirement outcomes across the board.

The Role of Financial Advisors in the Two-Pot System

The immediate engagement with the two-pot system has been significant. The South African Revenue Service (SARS) reported that within the first month of its implementation, R4.1 billion was withdrawn from the savings pots of retirement funds. In addition, Discovery’s Employee Benefits team found that 22% of eligible retirement fund members opted to withdraw from their savings pots in September.

These figures underline the crucial role that financial advisors must play in helping clients understand the implications of their decisions. Withdrawing funds can provide short-term relief but may have long-term consequences if not carefully considered.

As a financial advisor, here’s how you can guide your clients through the two-pot system:

1. Training: Ensure you and your team have undergone comprehensive training on the two-pot system. Document this training in your FSP’s competence register and establish a clear operational process for handling client withdrawal requests. This will ensure compliance and consistency when assisting or advising clients.

2. Communication and compliance: Be upfront with clients about potential delays in processing withdrawals due to the high volume of requests. Ensure that your team follows proper FICA and due diligence protocols to verify the identity of clients requesting withdrawals.

3. Key client considerations: Once a client decides to withdraw from their savings pot, it is crucial for the financial advisor to inform them of the following:

Tax implications: Withdrawals from the savings pot are taxed as income and is considered with all other taxable income. Clients need to be fully informed about how this will affect their overall tax liability. For example, a withdrawal may push a client into a higher tax bracket than usual, resulting in an escalation of personal income taxes, an impact which may reduce the immediate withdrawal amount or may only become apparent in the period after a withdrawal was made.

Withdrawal fees: Retirement fund administrators may charge processing fees for withdrawals, which should be clearly communicated to clients.

Withdrawal limits and rules: Clients must understand that there are specific rules and caps that apply to the amount they can withdraw. In addition, it is important to know how the rules and limits will impact their ability to “resave” or “replace” what has been withdrawn from the fund. In practical terms, withdrawal decisions are not decisions that can simply be fixed by “repaying” the amount taken. The same rules that apply to retirement (monthly) contributions will apply to all future contributions. Therefore, if a client withdraws R9 000 from their savings pot now, they will have to contribute an amount of R27 000 to the fund to ensure that R9000 is reallocated to the savings pot (one-third or R9 000 to the savings pot and two-thirds or R18 000 to the retirement pot).

Impact on long-term goals: While the savings pot offers flexibility, withdrawing too much can deplete the funds needed for future needs due to the significant impact of compounded interest over longer periods. It’s vital that clients are educated on the importance of balancing immediate financial needs with their long-term retirement objectives.

Effect on investment growth: Early withdrawals reduce the amount available for investment, which can limit growth opportunities. Clients need to understand how this could affect the overall value of their retirement fund at retirement date. Additionally, these withdrawals may impact the projected retirement age and income outlined in their financial plan, potentially altering long-term retirement goals.

Be clear on alternatives: Encourage smart saving by advising clients to maintain separate emergency funds which do not attach fees or tax obligations. This can reduce the temptation to withdraw from the savings pot for unexpected expenses.

Behaviour and customised services: Advisors play a critical role in terms of being the first contact point for customised and tailored financial services. Advisors know their clients and their behaviours and should apply this knowledge to guide them to make considered choices, guarding against reactive or impulsive behaviour which may negatively impact their financial position and financial planning objectives.

Guard your clients and their financial plan against myths and misconceptions: Over the past few months, it has become clear that several myths and misconceptions have been fuelled by a lack of understanding of the two-pot system and rules. As a financial advisor, clients trust and rely on your input and advice. A lack of communication on important aspects or rules, and failure to provide correct and clear information on impacts or facilities may present an unnecessary opportunity for clients to be caught up in misinformation. Manage your client communications effectively to ensure that they have access to correct and verified information and are made aware of important information like administration channels, calculators or other information points. To ensure your client is fully informed, you could provide written communication outlining the potential effects on their investment.

Taking advantage of annual reviews: Conducting a review is a legislative requirement but could be an ideal opportunity to update information regarding the client’s savings circumstances and behaviour. It presents an opportunity to discuss what has been implemented, but also plan for future needs, including cash flow requirements, possible emergencies, or general enhancements, changes or additions. It is recommended that the annual review process be updated to include a standard check on clients’ retirement savings status and needs, in particular, whether the client expects or foresee that they will have to access their savings pot in the near future. Where this is recorded as a discussion point, the advisor can use this information to adjust the financial plan accordingly. It will also serve as a protection for the financial advisors, should any queries arise at a later stage where a pattern of unplanned withdrawals may have negatively impacted the client’s retirement outcome. Review is necessary when there are changes in the client’s financial situation or when a new financial product is taken up or changes are made to an existing one. Where advice is provided, you must follow the standard advice process, which includes preparing a record of advice. This document serves as proof that a review was conducted, provides details on ongoing fees, commissions and product benefits and demonstrates your commitment to treating customers fairly.

These are just some of the factors that a financial advisor should consider when engaging with and advising clients on how the two-pot system can impact their retirement investment.

Helping Clients Navigate the New Retirement Landscape

At the heart of financial planning is the responsibility not only to help clients prepare for the future but also to educate them on how to make informed decisions today. The two-pot system presents new opportunities and challenges for both financial advisors and their clients.

By ensuring that clients fully understand the implications of their decisions – whether to withdraw from the savings pot or preserve their funds – advisors can help them strike a balance between short-term needs and long-term retirement goals.

As a financial advisor, your role in this new system is critical. With proper guidance and informed advice, you can help clients navigate the complexities of the two-pot system and secure their financial future for years to come.

 

Understanding the Two-Pot Retirement System – What Financial Advisors Need to Know

Posted on 1 November 2024

With the recent implementation of South Africa’s two-pot system for retirement savings, financial advisors play a crucial role in guiding clients through this significant retirement change. This article explores the details of the system and highlights how financial advisors can best support their clients in making informed decisions for their future financial security. As of … Continued

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In September 2023, the FSCA proposed a 6% increase to FSP levies for 2024. Click here to read our previous article.

The final version of the 2024 levies was published as amendments to the Schedules of the Financial Sector and Deposit Insurance Levies Act which was gazetted by National Treasury on 23 August 2024. The final version confirmed a 6% increase from last year’s 2023 levies.

Levy calculations

Similar to last year, levy calculations will consist of two main levies for FSPs. These are the Financial Sector Levy and a Special Levy.

The financial sector levy is made up of different components, being the:

  • FSCA levy
  • Statutory Ombud Schemes
  • Tribunal levy
  • Ombud Council levy

The Special Levy is an amount equal to 7.5% of the amount of the financial sector levy, and only applies for two years from the date of commencement of the Financial Sector and Deposit Insurance Levies Act, i.e. 1 April 2023, to each entity to which an FSP pays a financial sector levy.

The Statutory Ombud Schemes levy (FAIS Ombud) did not increase its levy for 2024/25. While there has been a marginal increase in the Tribunal levy calculation from 2.5% of the FSCA levy in 2023, to 2.65% of the FSCA levy for 2024.

Although there was no increase to the Ombud Council levy calculation for 2024, the amount payable will increase as a consequence of the increase to the FSCA levy. The Ombud Council levy calculation remains at 2.5% of the FSCA levy, same as last year.

The Tables below set out the various levies which must be paid by the different categories of FSPs according to the Schedules of the Act as amended.

Financial Sector Levy

FSCA Levy

Statutory Ombud Schemes (FAIS Ombud Levies)

Tribunal Levy

Ombud Council Levy

Special Levy

The deadline for the payment of levies is 30 November 2024. This includes the payment of the Special levy. The FSCA will send an invoice which will set out the special levy and the financial sector levy amounts due by your FSP. Both levies must be paid together.

Proof of payment must be sent via email to FSCA.levies@FSCA.co.za with the subject line stating the FSP number.

Those FSPs that require an exemption from paying levies can submit an application to FSCA.leviesexemption@FSCA.co.za with motivation for the request and supporting documents.

FSPs are reminded to check that the FSCA has their correct contact details, to ensure that the invoice reaches the FSP and can be paid before the deadline date. If an FSP does not receive their invoice ahead of the deadline date, we suggest that you contact the FSCA to request that this be re-sent to you. Should the levy not be paid, the licence of the FSP may be withdrawn in terms of section 9 of the FAIS Act.


(1) The average total number of key individuals plus average total number of representatives, calculated over the period 1 September of the preceding levy year to 31 August of the levy year.
(2) The total value of investments managed or administered on behalf of clients in terms of the authorisation as a financial services provider on 31 August of the levy year: Provided that Investments under management or administration held in foreign currency must be included at the exchange rate published in the press at that date.

 

Understanding the Two-Pot Retirement System – What Financial Advisors Need to Know

Posted on 1 November 2024

With the recent implementation of South Africa’s two-pot system for retirement savings, financial advisors play a crucial role in guiding clients through this significant retirement change. This article explores the details of the system and highlights how financial advisors can best support their clients in making informed decisions for their future financial security. As of … Continued

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On 2 September 2024, authorities clamped down on illegal credit providers who were “bullying” vulnerable consumers in De Aar and Loxon, Northern Cape. The joint operations involved the National Credit Regulator (NCR), in collaboration with the South African Police Service (SAPS) and South African Social Security Agency (SASSA), aiming to protect consumers from exploitation.

The operation in De Aar resulted in the arrest of 7 people, seizure of 81 bank cards, 41 ID books, 9 loan documents, 7 SASSA cards, and cash of R71 506,40. A similar operation on 6 August 2024 in Loxon, led to 3 arrests and the confiscation of 18 bank cards, 4 SASSA cards, 2 ID books and 1 SAPS identity card.

The operations targeted both registered and unregistered credit providers who unlawfully retain prohibited instruments in terms of the National Credit Act 34 of 2005 (NCA) which renders a criminal offence for any person to keep personal devices in terms of credit agreements. The National Credit Regulator (NCR) is committed to protecting vulnerable consumers, especially pensioners, from exploitation by credit providers.

The following contraventions of the Acts were picked up:

  • Unregistered Credit Providers – Section 40(1) provides that credit providers must register if their total outstanding debt exceeds a prescribed threshold.
  • Improper Affordability Assessments – In terms of Section 81(3), credit providers must not enter into reckless credit agreements. A credit agreement is reckless if the provider fails to conduct a required assessment before making the agreement.
  • Reckless credit granting – The suspects contravened section 81(3) by failing to conduct proper affordability assessments and extended credit recklessly to consumers.
  • Failure to Provide Credit Agreements – Not delivering credit agreements in the prescribed form as per Section 93(1).
  • Overcharging of interest In terms of Section 100(1)(c), the credit providers cannot charge interest exceeding the maximum allowed under the NCA.
  • Unlawful possession of consumers’ instruments – According to Section 133(1)(a), credit providers are prohibited from using certain documents or instruments mentioned in Section 90(2)(1) to collect or enforce a credit agreement.

Tebogo Ntsimane, Manager for Investigations & Enforcement at the NCR, emphasized that these operations are part of the NCR’s ongoing strategy and efforts to ensure compliance with the NCA. In terms of Section 54, the NCR has the authority to issue directives to unregistered credit providers directing them to stop engaging in illegal activities. Consumers are advised to complain with the NCR should they be a victim of card retention or any other illegal practice by a credit provider at complaints@ncr.org.za.

 

Understanding the Two-Pot Retirement System – What Financial Advisors Need to Know

Posted on 1 November 2024

With the recent implementation of South Africa’s two-pot system for retirement savings, financial advisors play a crucial role in guiding clients through this significant retirement change. This article explores the details of the system and highlights how financial advisors can best support their clients in making informed decisions for their future financial security. As of … Continued

Read more

In September, the FSCA published its Integrated Report for 2023/2024 for the period from 1 April 2023 to 31 March 2024. The report aims to show stakeholders how the FSCA manages value creation, preservation, or erosion over time, covering leadership, operations, strategic and financial performance, and governance, while demonstrating integrated thinking.

The report highlights the following matters as material in terms of the report: talent management digital transformation, funding, governance and reputation, fair outcomes for financial customers and the management of stakeholders. The material matters identified are linked to the FSCA’s strategic risks, strategy and functions and will provide reports on these to address the information and decision-making needs of FSCA stakeholders. The report covers the FSCA’s leadership overviews, operational overview, strategic performance, governance accountability, and financial performance.

Below we highlight some of the topics relevant to FSPs included in the report:

1. Number of licence applications processed for providers of financial products, services and market infrastructures

During the period, 668 FSPs were approved, up from 584 the previous year, and the number of authorised FSPs increased from 11 740 in 2023 to 11 890. Additionally, 38 ODPs (16 bank and 22 non-bank) were approved by 31 March 2024, compared to 24 licences in 2023, with 13 applications still under consideration. The number of active section 13B benefit administrators decreased from 127 to 114, and 59 licences were authorised for Crypto Assets Providers (CASP).

2. Complaints and enquiries

In terms of dealing with complaints and queries, the report highlights the establishment of the Business Centre which created a single point of entry for all external stakeholder inputs, including queries, complaints, statutory submissions, and financial services applications. The FSCA has implemented a policy and framework to ensure efficient and effective management of complaints and queries, utilising data for supervisory intelligence.

From the report, the FSCA received 9 731 complaints and queries against authorised FSPs in this reporting period. In the 2023 reporting period, the FSCA received 9 236. There were 2 724 complaints, and 6 117 queries were assessed and completed while referring most complaints outside FSCA’s jurisdiction to relevant institutions. A total of 1 839 complaints fell outside of the jurisdiction of the FSCA. In terms of complaints, 87% of complaints and queries received were resolved versus 86% in 2023 with ongoing efforts to enhance the process.

In handling Unclaimed Benefit Queries, 6 906 queries were received during the reporting period, a 4.5% increase from the previous year, which is likely to have been driven by awareness initiatives. Online Platforms for Pension Fund Searches also provide consumers with Web, SMS, and Email Search platforms for unclaimed benefit searches, with web searches being the most utilised.

3. Onsite Inspections 2023/24

The purpose of onsite inspections is to identify the compliance of licensed entities with the legislation. Themed visits, where specific aspects are scrutinised, allow the FSCA to build trend reports focusing on supervisory activities. The FSCA adopted a risk-based approach in their selections for inspections where the objective of inspections is to review whether the identified issues could cause harm to consumers resulting in a lack of confidence in the financial system.

There were 2 general inspections of traditional insurers, 6 of cooperative banks and CFIs, and 3 of microinsurers. For understanding ML/TF risk and customer due diligence, there were 30 AML inspections, 18 financial institutions (FAI) inspections. Compliance with the General Code of Conduct and Fit and Proper requirements was reviewed in 44 FAIS inspections of Cat I and IV FSPs. The process undertaken by banks to terminate accounts was inspected 15 times. There were 30 general onsite inspections of investment providers. Additionally, there were 6 engagements to review the progress made by the industry since the FSCA’s mandate extension to oversee the conduct of payment providers.

In terms of the supervision activities for authorised FSPs, during the reporting period, 11 465 AFS were submitted to the FSCA and 9 988 (87%) were analysed and reviewed to determine adherence to financial soundness requirements.

4. Irregularity Reports

During the reporting period, 88 material irregularity reports were received and considered in relation to Cat I FSPs – with the necessary action taken which reflects an increase of 35.3846% when compared to the 65 received in the previous reporting period. In terms of Cat II and Cat IIA FSPs, there were 31 (Cat II) and 2 (Cat IIA) irregularities submitted. The report does not specify any particular area of non-compliance.

5. Harmonisation and transitioning to the Conduct of Financial Institutions Bill

The COFI Bill transition project, outlined in the 2023 Regulation Plan, made good progress during the reporting period. Initial cross-sector themed legal frameworks have been developed and will be refined further in 2024. The FSCA also continued to develop an approach for transitioning existing financial sector laws into the COFI Bill framework, ensuring a smooth and minimally disruptive transition once the COFI Bill is effective.

6. Enforcement

The FSCA is committed to taking clear, fair, and effective action against those who threaten the fair treatment of financial customers and the integrity of the financial system. This approach enhances our ability to protect financial customers and ensure transparent and effective administrative actions.

During 2022/23, the FSCA opened 667 cases and concluded the year with 207 ongoing investigations. We took 1 900 regulatory actions and issued 217 debarment orders. Additionally, 621 licenses were suspended, mainly due to non-submission of statutory returns or non-payment of levies, with most debarments involving dishonest conduct. Administrative penalties totalling R923 230 068 were imposed on 19 parties, including R475 million against Mr. Markus Jooste, primarily for non-compliance with the FAIS Act.

As of 31 March 2024, the FSCA opened 518 new investigation cases, finalized 371, and has 426 ongoing cases. Most of these cases involve unauthorised FAIS and insurance business. The FSCA took 60 enforcement actions, including 19 administrative actions, 7 debarment orders, and 34 enforceable undertakings, mostly related to unregistered insurance and dishonest conduct.

During the reporting period, the FSCA also collaborated on four matters with international counterparts through bilateral and multilateral MoUs and worked with one domestic enforcement agency.

7. Omni-CBR

An update on the development of the cross-sectoral Conduct of Business Return (Omni-CBR) planned for financial institutions by FSCA was issued on 4 December 2023. The update included an overview of the stakeholder consultation process undertaken in respect of the first draft of the Omni-CBR template, including a summary of industry comments received; and details on the next steps for the roll-out and implementation of the Omni-CBR. The FSCA is finalising a consultation survey to obtain deeper insights on the potential operational and systems impact of future Omni-CBR reporting. The survey is envisaged to run, in parallel with the industry pilot of the revised reporting template

 

Understanding the Two-Pot Retirement System – What Financial Advisors Need to Know

Posted on 1 November 2024

With the recent implementation of South Africa’s two-pot system for retirement savings, financial advisors play a crucial role in guiding clients through this significant retirement change. This article explores the details of the system and highlights how financial advisors can best support their clients in making informed decisions for their future financial security. As of … Continued

Read more

The National Credit Regulator (NCR) can in terms of Section 16(1)(b)(i) of the National Credit Act 34 of 2005 (the Act), provide guidance to the credit market and industry by developing explanatory notices on the interpretation of the Act. Section 109(4) of the Act also enables the NCR to issue guidelines for determining whether a statement of account meets the statutory standards outlined in Section 109(3) of the Act.

The purpose of the guideline published in September 2024, (NCR 004/2024 – Guidelines for the form and content of statements of account) is to guide the credit market on the form and content of statements of account for credit agreements, in terms of Section 109 of the National Credit Act.

The guideline addresses the requirements for Statements of account for all types and categories of credit agreements that must comply with the requirements of the Act.

The Act also defines what constitutes small, intermediate, and large agreements based on, among other factors, the type of transaction and the principal debt involved. The statutory provisions outlined in the Act specify the requirements for statements of account for different types of credit agreements. In general, the content of the statements may not include prohibited charges and may only contain amounts directly related to the credit agreement, therefore excluding any costs associated with unrelated products/services.

Small credit agreements

For small credit agreements, account statements must be the prescribed form and meet prescribed requirements of regulation 35. Regulation 35 details the specific information that must be included in statements for small agreements, such as the credit provider’s and consumer’s details, statement date, period covered, details of the agreement like the principal debt, interest rates, instalment amounts, and a summary of transactions.

A statement of account for a small agreement should only include costs specified in sections 101 and 102 of the Act, excluding prohibited charges mentioned in section 100, such as premiums for funeral policies, club or membership fees, and costs for value-added services.

Intermediate and large credit agreements

For intermediate and large credit agreement account statements there is no prescribed form, or a form can determined by the credit provider, but it must meet meets prescribed requirements of the Act.

The content of a statement of account for intermediate and large agreements must comply with the Act’s requirements, not include costs beyond those in sections 101 and 102, avoid prohibited charges from section 100, and exclude costs for funeral policy premiums, club memberships, and value-added services.

The Guideline comes into effect immediately. The NCR will monitor compliance with this Guideline and will take appropriate enforcement action for any failure to comply with the provisions of the Act, including this guideline which takes effect immediately. For more information, questions or clarity regarding this guideline, please contact the Executive Legal Unit at ExecutiveLegalUnit@ncr.org.za

 

Understanding the Two-Pot Retirement System – What Financial Advisors Need to Know

Posted on 1 November 2024

With the recent implementation of South Africa’s two-pot system for retirement savings, financial advisors play a crucial role in guiding clients through this significant retirement change. This article explores the details of the system and highlights how financial advisors can best support their clients in making informed decisions for their future financial security. As of … Continued

Read more

A recent media statement from National Treasury confirmed South Africa’s positive progress regarding the country’s greylisting as at October 2024. The statement comes after the Financial Action Task Force (FATF) Plenary announced nine upgrades for South Africa from its 22-item Action Plan, including eight to “largely addressed” and one to “partly addressed”. South Africa is now deemed to largely or fully address 16 of the 22 action items in its Action Plan, leaving the country with six outstanding action items to be addressed for the last scheduled reporting cycle, concluding in February 2025.

South Africa is now left with one reporting cycle to address the remaining six action items. Three of these relate to demonstrating a sustained increase in the investigation and prosecution of complex money laundering, terror financing and unlicensed cross-border money or value transfer services (MVTS). The remaining three relate to the timely access of beneficial ownership information in respect of companies and trusts, and the imposition of remedial action and dissuasive sanctions by designated AML/CFT supervisors.

While National Treasury welcomes the progress made, it emphasises that it remains a challenge to exit the grey list at the conclusion of the next cycle as South Africa will need to address all six outstanding action items by February 2025 to do so. All relevant agencies and authorities must continue to make substantial progress, ensuring that these improvements are indeed both sustainable and effective.

To read the full Media Release, click here.

 

Understanding the Two-Pot Retirement System – What Financial Advisors Need to Know

Posted on 1 November 2024

With the recent implementation of South Africa’s two-pot system for retirement savings, financial advisors play a crucial role in guiding clients through this significant retirement change. This article explores the details of the system and highlights how financial advisors can best support their clients in making informed decisions for their future financial security. As of … Continued

Read more

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