Issued: 12 December 2019 1. PURPOSE 1.1 The purpose of this Communication is to inform the industry and stakeholders about the Financial Sector Conduct Authority’s (“the Authority”) approach to addressing the existing conflict of interest relating to principal officers appointed on boards of funds while also being employed by service providers. 2. BACKGROUND 2.1 Section 8(1) of the Pension Funds Act, 1956 (“PFA”) requires every fund to have a principal executive officer (“pri

In an exciting development for the pensions industry in South and Southern Africa, EBnet has purchased Pensions World SA. Pensions World SA is a quarterly journal that includes articles from employee benefit practitioners throughout the spectrum of organisations in the pensions industry. This enablement further steps up the entire digitisation of the now combined Pension World / EBnet market presence to unrivalled levels in this unique segment to the benefit of our readers an

A long overdue rethink of section 37C of the Pension Funds Act is finally under way, following a request from the Deputy Registrar to the industry to give suggestions for amendments and submit them to the Financial Sector Conduct Authority (FSCA). It is hoped that the outcome will make decision-making relating to lump death benefits easier for trustees, and reduce the number of decisions challenged by the Pension Funds Adjudicator. The process has been marked by a unique coll

Alexander Forbes Health has published its latest edition of Diagnosis, an annual publication that analyses key trends in the medical schemes industry from 2000 to 2018. “The industry as a whole experienced a high claims ratio in 2018, with some of the largest schemes failing to break-even at an operational level,” says Roshan Bhana, Head Actuary at Alexander Forbes Health. Only 3 of the top 10 open medical schemes achieved an operating surplus, while the rest had to rely on i

Retirement can be a daunting prospect. Not only is it a time of personal adjustment but it is also a time to make financial decisions that will impact your lifestyle for the rest of your life. Retired investors commonly face the dilemma of either maintaining a certain lifestyle or adjusting it in order to preserve their savings. Typically the more income one draws and spends today, the less is available to create future income. When inflation is added to this quandary, it be

When an employee leaves their company, it is often an emotional event for everyone involved. As an employer, there’s the temptation to be less invested in an employee the minute a resignation letter arrives. With retrenchment, the unpleasantness of the situation can also cause immediate distance. But it is often in these instances that an employer has the chance to really change a life. When changing jobs, an employee has various options for preserving their retirement saving

Having been criticised in the past for being a disproportionately male-dominated profession, the South African private equity (PE) industry is experiencing a much-welcomed wave of accomplished female professionals rising through the ranks. Two such rising industry powerhouses are Polo Leteka, Executive Director and co-founder of IDF Capital, and Samantha Pokroy, founder and CEO of Sanari Capital, who both received Women Impact Awards at the 8th Annual Private Equity Awards Ga

Use the new year as a chance to improve your financial health by adopting some resolutions around your finances. We’d all like to be healthier and wealthier, so cutting back on unnecessary expenses and saving or investing more are goals we should all be aiming for. Here are some steps on how to relook your finances: 1. Start the year with the end in mind. Decide what you want to achieve personally, physically and financially in 2020 and set daily, weekly and monthly goals aim