A second draft of the retirement funds default regulations, made in terms of the Pension Funds Act, has been published for public comment.
The second draft regulations ensure that retirement savings of South Africans are invested in a prudent and cost-effective manner. National Treasury re-emphasises through these default regulations, that fund boards have the responsibility to protect the interests and investments of pension fund members during and post accumulation stages.
The default regulations also form part of the reform programme to deliver better customer outcomes across the financial sector. The implementation of Twin Peaks will see market conduct requirements centralised in a Conduct of Financial Institutions (“CoFI”) Act.
Comments on this second draft default regulations are to be submitted to Treasury by 28 February 2017.
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