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DELAYED GOVERNMENT PAYMENTS IMPACT ON PENSION FUND CONTRIBUTIONS

Published: Tue, 29 Jun 21

Having been inundated over the last several years with volumes of complaints against the Private Security Sector Provident Fund (PSSPF) and its participating employers, the Pension Funds Adjudicator, Adv Muvhango Lukhaimane, has in a recent determination called into question the viability of the fund that is compulsory ...
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Free Online Discussion – recent regulatory impact on claims

Published: Thu, 17 Jun 21

Learn about the recent regulatory impact on claims by joining us online this Friday 18 June 2021. The amended Policyholder Protection Rules promulgated under section 55(5) of the Short-term Insurance Act as amended and currently in operation, alongside several key board notices has far-reaching implications when it ...
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Supporting Brokers In Optimising The Claims Experience Of Their Clients.

Published: Mon, 07 Jun 21

TANSA is a team of dedicated professional Attorneys, Forensic accountants, Disaster Claims Experts and Insurance Specialists focused on Insurance Claims & Dispute Resolution. Their mission is to support brokers in optimising the claims experience of their clients. They collaborate with brokers to effectively ...
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Longevity favours the rich, but poor also benefit in new generation life annuities

Published: Tue, 01 Jun 21

Most conventional life annuities are priced against just two factors that influence longevity – age and sex. Yet there is a host of other factors that should be considered in arriving at a fair price for each person.   This is one of the reasons that life annuities fell out of favour ...
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Fourfold increase in death claims against fully underwritten life policies during second Covid-19 wave

Published: Tue, 01 Jun 21

Four of South Africa’s largest life insurers reported increases of between 50% and 60% in death claims against fully underwritten new generation individual life policies between March last year, when the first Covid-19 case was recorded in South Africa, and the end of January 2021. The increase in death claims ...
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First edition of the Ombudsman’s Briefcase for 2021

Published: Tue, 06 Apr 21

In our first edition of the Ombudsman’s Briefcase for 2021 we take this opportunity to wish you a safe and prosperous year ahead. We face this year with a little more hope having emerged from a second wave of the coronavirus and with the COVID-19 vaccine being rolled-out. In this edition we look at insurance ...
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POPIA 101

Published: Thu, 01 Apr 21

All businesses with employees, customers and suppliers must comply with POPIA, which comes into effect on 1 July 2021. Here is a practical guide to the most important aspects   With the commencement date of the Protection of Personal Information Act 4 of 2013 (POPI) of 1 July 2021 fast approaching, businesses ...
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STATUTORY MANAGEMENT OF SECURITY SECTOR FUND FAILS TO IMPROVE EMPLOYER COMPLIANCE

Published: Tue, 16 Mar 21

A pension fund has been requested by the Pension Funds Adjudicator to notify some of its members of the failure of their employer to pay contributions on their behalf and to report the non-compliance with the Act to the National Prosecuting Authority. Muvhango Lukhaimane, the PFA, said regulation 33(5) of ...
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Local hedge funds industry finding its feet in a regulated environment

Published: Mon, 08 Mar 21

The South African hedge funds industry ended 2020 with assets under management of R73. 27 billion. Statistics released by the Association for Savings and Investment South Africa (ASISA) show that assets under management increased by R4. Hayden Reinders, convenor of the ASISA Hedge Funds Standing Committee, says this ...
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Risks in retirement are increasing – but you don’t have to tackle them alone

Published: Mon, 08 Mar 21

An increasing risk in retirement is that you will outlive your savings. More retirees feel less confident now that their savings will last, highlighted by a 10% year-on-year drop in confidence reported by retirees in Just SA’s latest Retirement Insights study.   A less ...
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Treasury further tightens the noose on retirement assets of emigrants

Published: Wed, 03 Mar 21

The Budget Review 2021 includes a proposal to impose a deemed retirement withdrawal tax on retirement assets of emigrants as an exit tax. The proposal is unclear and has numerous issues. Data from various sources suggests that around 23 000 South African (SA) tax residents emigrate each year in search of ...
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How the T-Day retirement reforms could affect you

Published: Tue, 16 Feb 21

A number of retirement fund rule reforms will come into effect on 1 March 2021, also known as T-Day. These new rules will not only standardise the way in which benefits can be accessed across different funds at retirement but will also facilitate the phasing out of emigration for purposes of exchange control. The ...
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ADJUDICATOR SLAMS PRIVATE SECURITY SECTOR PROVIDENT FUND FOR NOT TAKING ACTION AGAINST DEFAULTING EMPLOYERS

Published: Wed, 10 Feb 21

Regulatory compliance in the private security industry remains a sore point as more complaints land on the desk of the Pensions Funds Adjudicator. The majority of the complaints prevalent in this sector relate to non-compliance with Section 13A of the Pension Funds Act whereby employers fail to pay provident ...
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ADJUDICATOR RULES EMPLOYER IS ENTITLED TO PENSION DEDUCTION AFTER DOUBLE SALARY PAYMENTS

Published: Wed, 10 Feb 21

The Deputy Pension Funds Adjudicator, Advocate Matome Thulare, has ruled that an employer was entitled to claim a deduction for double salary payments made to the complainant for over two years. Advocate Thulare dismissed the complaint by a member against his pension fund’s decision to withhold his ...
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Introducing our new eNews App

Published: Wed, 13 Jan 21

Insurance Gateway is thrilled to introduce our brand new electronic newspaper. The final product is available as both a mobile and desktop application. Our aim with the app was to develop an electronic newspaper that would dynamically reflect and complement our more extensive Insurance Gateway website. The pages are ...
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FOR YOUR EYES ONLY-POPIA ESSENTIALS

Published: Thu, 12 Nov 20

The Protection of Personal Information Act (POPIA) has been in the making for a while, with certain aspects already introduced. It is finally set to come into full effect after President Cyril Ramaphosa said, in June, that the effective date for compliance is 1 July 2021, and most organisations will have much to do ...
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SA retirees don’t want to gamble on their retirement savings

Published: Mon, 09 Nov 20

New research shows a 25% jump in the number of retirees less willing to take risks with their money for saving or investment Percentage of respondents who now set goals and are planning for their financial future up by 10% from 2019 Only two fifths are confident that their retirement savings will last ...
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The importance of having a Will

Published: Thu, 29 Oct 20

Drawing up a Will can be a very sensitive and uncomfortable subject but as death is inevitable, it is always better to be prepared. As a legal document expressing your last wishes, a Will may well be the most important document that you will ever sign. And while it is recommended that you use the services of a professional ...
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Increasing need for cross-border estate planning as more SA investors look offshore

Published: Tue, 27 Oct 20

What advisers should consider with offshore structures and complicated cross-border estate planning   27 October 2020: Market volatility, a weakening rand, and a steep Gross Domestic Product (GDP) decline of 51% in the second quarter of 2020 are just some of the reasons why South Africans are increasingly ...
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Wealthy families support the fight against COVID-19

Published: Wed, 07 Oct 20

New research from international family office Stonehage Fleming has revealed that the COVID-19 pandemic is leading to a significant shift in the key priorities of many wealthy families. This finding and others is contained in Stonehage Fleming’s report, ‘Four Pillars of Capital: a time for reflection. ...
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