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ARTICLE · 27 FEBRUARY 2006

Changes to South Africa’s Retirement Fund Laws Coming Soon

Cliffe Dekker Hofmeyr
Cliffe Dekker Hofmeyr
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Cliffe Dekker Hofmeyr

Cliffe Dekker Hofmeyr

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The Retirement Fund Reform Discussion Paper issued by the National Treasury in December 2004 elicited suggestions from a wide range of institutions and people. There were a number of excellent suggestions put forward and it is to be hoped that many of them will be incorporated into the draft Bill, which is now eagerly awaited.

South AfricaStrategy
Owen Barrow
Owen Barrow

The Retirement Fund Reform Discussion Paper issued by the National Treasury in December 2004 elicited suggestions from a wide range of institutions and people. There were a number of excellent suggestions put forward and it is to be hoped that many of them will be incorporated into the draft Bill, which is now eagerly awaited.

What can we expect from the Bill?

The single most important and the most radical suggestion put forward in the discussion paper was the formation of the National Savings Fund.

The idea behind the Fund is to shift as far as possible the burden of providing the social old age pension from the State to individuals themselves. The Fund is aimed at those people who are not members of occupational retirement schemes, either because they are not in formal employment or because their employers do not offer occupational retirement schemes. The discussion paper does not give many details of the Fund but what is clear is that the Fund will not be liable for retirement

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