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As a central knowledge portal to the retirement and related industries, EBnet publishes a range of daily articles submitted by a range of industry organisations, experts and contributors. Readers can also comment on and contribute to articles.

Amendments to the Fit and Proper requirements were published in the Government Gazette No. 43474 on 26 June 2020 and come into effect immediately.  The amendments were primarily introduced to align the terminology in these requirements to the Insurance Act, the Long-term and Short-term Insurance Acts.  However, in addition to these there are a few key changes that FSPs should be aware of.

Definitions (section 1(1) and section 47)

There were several amendments to the definitions, for the most part, to align the terminology with the Insurance Act, and the Long-term and Short-term Insurance Ac...

SA Metal Group (Pty) Ltd v Deon Jeftha and others, case number, unreported, 20298/2019

A. Background

In the recent past, the requirements that a fund must meet when withholding a benefit (under section 37D of the Pension Funds Act (“the Act”)) have been fairly clear- cut. Thus, when responding to withholding requests or objections, Adjudicator and other complaints, the issues have been fairly straight-forward from the point of view of whether or not the fund has met the requirements for lawfully withholding a benefit.

In this publication, I consider a recent unreported High Court judgement:  SA M...

June 30, 2020

On 26 June 2020, the Financial Sector Conduct Authority (FSCA) published final amendments to the General and Short-term deposit Codes of Conduct as well as Fit and Proper requirements under the FAIS Act.

The amendments are necessary to contribute to the fulfilment of the FSCA’s legislated objectives and are ultimately intended to promote the fair treatment and protection of financial customers.

Some of the amendments emanated from policy processes that started as far back as 2014, such as the Retail Distribution Review. The introduction of the Insurance Act also resulted in various references to...

Every aspect of life has been affected by the COVID-19 crisis, and estate planning is no exception – especially the execution of wills. While the exact rules for the execution of wills vary from jurisdiction to jurisdiction, the pandemic confronted all with the same problem: Complying with rules of formality while adhering to lockdown restrictions.

This is according to Johann Jacobs, a consultant in Cliffe Dekker Hofmeyr’s Trusts and Estates Practice, who notes that while some jurisdictions were quick and decisive in dealing with the issue – promulgating interim legislation and granting concess...


The treatment of living annuities (and resultant annuity income payments) at divorce has been a contentious point of law for years. A recent Supreme Court of Appeal judgement has shed new light on the treatment of an annuitant’s right to future income payments for the purposes of calculating accrual. In this article we will assess the impact of this judgment on the future treatment of living annuity income payments at divorce.

The Divorce Act No. 70 of 1979

Section 7(7) of the Divorce Act No. 70 of 1979 (“the Act”) provides that a “pension interest” as defined in section 1 will be de...

Summary:  It is time for pension and provident funds to do what they can to mitigate financial hardship experienced by those of their members still employed but, as a result of the Covid-19 pandemic, are not earning their normal remuneration.

Pension funds and provident funds can lawfully amend their rules to provide for the payment of ‘special relief benefits’ to members still employed by participating employers but in financial distress due to circumstances other than a strike or lock-out and funded by reductions in member fund credits.  To facilitate these payments, Parliament should amend t...

A 2016 ruling by the Johannesburg High Court that a living annuity cannot be taken into account for the purposes of calculating the assets on divorce has been overturned on appeal by the Supreme Court of Appeal (SCA). The SCA ruled in the case of Montonari v Montonari that the right to the income of a living annuity formed part of the assets of a marriage for the purposes of divorce.

The 2016 Montonari Judgement

In Lighthouse 17/2016 we discussed the judgement of the High Court in the Montonari case which ruled that the underlying assets of a living annuity, underwritten by an insurer, are owned...

When employers or employees are financially distressed there are a number of options as regards making contributions towards retirement benefits. I have not set down all the options, just those that seem to have been more prevalently considered. The options available to you may also be suggested by what is already provided for in your fund’s rules. This article has a legal slant and fund boards should speak to their advisors about their options. Employers reading this article should also know that the options will depend not only on the rules of the fund but what the board of the fund may deci...

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