Retirement reform: how you’ll score

By Laura du Preez Making trustees of  retirement funds responsible for choosing a default annuity for you on  retirement could result in you getting  a better pension, delegates to  the Pension Lawyers Association conference heard this week. Kobus Hanekom, head of strategy,  governance and compliance at Simeka Consultants & Actuaries, an  affiliate of Sanlam Employee Benefits, says there is a huge shift in  responsibility to trustees in National Treasury’s latest retirement  reform proposals, which were released with the Budget late last month.

Pravin’s big retirement changes on track

You need to gear up your retirement planning to meet T-Day and P-Day, when government will implement major changes to the R3-trillion retirement savings industry. T-Day and P-Day are days when  retirement fund reforms are scheduled to be implemented in or after  2015, with legislation based on government’s latest proposals for  retirement reform being put before Parliament this year. The proposals  are outlined in a discussion paper titled “2013 Retirement reform  proposals for further consultations”.

PwC 2013 Tax Budget Comments

PwC 2013 Tax Budget Comments Personal Income Tax Higher income tax earners will have R231,25 less income tax to pay per month, assuming they have a basic annual taxable income of R700,000. Lower income tax earners will pay R86 less income tax annually, assuming they have an annual basic taxable income of R165, 600.The individual threshold for submitting a tax return was raised from R120,000 to R250,000 per year. This means that taxpayers that have taxable income of less than R250,000 annually will not be required to submit tax returns.

South Africa Details Pensions Consultation

by Lorys Charalambous, Tax-News.com, Cyprus Further details have been provided of the Government’s public consultation on its proposals to reform the retirement industry in South Africa, with a focus on the taxation, governance and harmonization of retirement funds.