Government has implemented a number of retirement fund reforms over the last few years in order to promote a culture of savings and ensure retirement fund members have enough money to retire comfortably. Three further changes will come into effect on 1 March 2021. The first change will require provident fund members to take a portion of their retirement benefits in the form of an annuity – this is referred to as ‘annuitisation’. The second change allows for greater ‘portability’ of retirement benefits across a much wider range of retirement funds and the final change will be made to the current pre-retirement ‘emigration’ withdrawal requirements for members of Retirement Annuities (‘RAs’) and pension/provident preservation fund members.
Learn more about:
- Annuitisation of provident fund benefits
- Portability of retirement fund benefits across different types of retirement funds
- Retirement Annuity (‘RA’) and pension/provident preservation fund withdrawals on ‘emigration’