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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.

February 28, 2019

In today’s modern environment, great reliance is placed on technology in the way we do our record keeping, administration, banking, financial transactions, communication, etc. What we don’t pay much attention to, often to our own risk and detriment, is how secure we really are as opposed to how secure we think we are.

In the February 2019 Symantec ISTR (Internet Security Threat Report), the incidents and variety of threats are made strikingly clear and business owners, fund administrators and people in general would do well in familiarising themselves with the numerous methodologies and platfor...

Contribute more to your retirement savings, end up with a much better pension, and save on your tax bill.

Let’s say you’re 28 years old, earning R30 000 a month and you have R70 000 in retirement savings. Now let’s look at the difference between contributing 5% and 10% of your monthly salary to your retirement fund from here on. 

Ideally you should retire with a pension equal to 75% of your last salary.  Working on your current income of R30 000 that means a pension of R22 500 a month.

If you only save 5% a month, you’ll wind up with a pension of R7 879 a month – far less than you’ll need.  But i...

2018 was a year where a few new trends started to emerge within the financial services industry. These trends would exert such an influence on the industry that many businesses were forced to relook at business and distribution models to establish whether they were still appropriate. These changes will continue to occur in 2019. However, insurers and brokers now know what they are dealing with and can anticipate some of the effects of this change.

According to a report by global auditing firm Deloitte, there are a few mega trends which will still exert a lot of pressure on some insurers in key...

The Association of Savings and Investment in South Africa (ASISA) has developed a standardised savings cost disclosure methodology to assist potential and existing participating employers and/or boards of trustees when comparing quotations/costs from different umbrella fund providers that are members of ASISA.

From 1 March 2019, employers will find it much easier to select the most cost effective umbrella fund solution for their employees, when the new ASISA Retirement Savings Cost (RSC) Disclosure Standard comes into effect. It must however be noted that, ASISA has allowed a grace period of 6...

The financial services industry was once again the least trusted sector in the annual Edelman Trust Barometer, which has been measuring trust in business, NGOs, government and the media for the last 19 years. The report is published by Edelman Intelligence, a global insight and analytics consultancy.

The 2019 report, which looks at last year, was released on the 12th of February. It shows financial services only achieving a two-point increase over 2017 which, after five years of a steady increase in trust post the financial crisis, shows that trust is stalling.  In South Africa, trust declined...

When the mobile industry is showing off the latest advancements in smartphone technology at the Mobile World Congress in Barcelona this week, foldable screens, sophisticated camera systems and of course 5G will doubtlessly steal most of the headlines. And yet, as smartphone penetration is nearing saturation levels in many developed countries, it’s easy to forget that billions of people don’t have a smartphone at all, let alone one that folds into a tablet or has five camera lenses. 

According to a report published by GSMA, the global industry group representing mobile operators...

The last quarter of 2018 can be described as the worst period that investors have experienced since the global meltdown of the financial markets in 2008/9.

When these moments of market correction occur, astute investors sit tight while others panic and make irrational decisions. In the chart below we can see that as the markets are rising, our emotions are that of relief, thrill and euphoria. However, when the markets start to fall, we get anxious, experiencing emotions such as denial, fear, depression, panic and then we capitulate and move our money into “safe assets”, such as cash. Then, as t...

February 25, 2019

A pension fund should have exercised better discretion when allocating a more than R1-million death benefit to the deceased’s 75-year old mother who already received a State grant, to the total exclusion of his former life partner, the Pension Funds Adjudicator has ruled.

Muvhango Lukhaimane ordered Absa Pension Fund (first respondent) to re-exercise its discretion in terms of section 37C of the Pension Funds Act and consider the request of the complainant, JT Damoense, to be allocated a share of the death benefit.

The complainant was the former life partner of LB Mantjiu who passed away on 4 Ma...

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