Industry News Category

2012 Budget Speech – Impact on Retirement Fund and Healthcare Industries The purpose of this brief note is to highlight the proposals mentioned in the Budget Speech and Budget Review document of 22 February 2012 which have an impact on the Retirement Fund and Healthcare Industries. The main points are: A. Retirement funding and savings [...]

The National Health Insurance (NHI) Green Paper of 12 August outlines, in broad strokes, the envisaged future of health care in South Africa. The paper lacks fine detail and is light on financial information. What it delivers, however, is the structure of health care provision that could be a reality 14 years from now. What [...]

Proposed changes to the way retirement fund contributions are taxed are causing growing concerns among members and trustees. In a nutshell: Employer and member contributions are to be treated as a fringe benefit taxable in the hands of the member. Tax Deductible contributions are to be limited to 22.5% of taxable salary per annum Tax [...]

In December 2010 we commented on the tax changes in terms of the Taxation Laws Amendment Act 2010, with specific reference to the treatment of premiums to disability income schemes (i.e. Permanent Health Insurance – PHI Schemes). We noted that the Industry was in negotiations with National Treasury to clarify the latter’s intention with regard [...]

Valuation exemption is now easier to obtain than ever. Recent changes to regulations mean that many DC funds could now qualify for exemption. Exempted funds do not need to submit triennial actuarial valuations to the FSB. In fact, they don’t need to have an actuary at all: the fund can be managed purely by the [...]

Over the recent years, Exchange Traded Funds (ETFs) have made their way into Retirement Funds’ portfolios. Although only a small portion of the average portfolio is invested in these instruments at the moment, their use may increase over time. How much do you know about these instruments? We unpack the main features of ETFs, the [...]

If you are on a medical aid plan, you may be feeling safe from unforeseen hospital expenses. But medical schemes do not always reimburse the full costs charged by specialists for in hospital procedures. Many schemes have also introduced co-payments for investigative scopes and specific scans. The result may be that despite having a comprehensive [...]

NAMFISA The majority of industries in which actuaries in Namibia operate are regulated by the Namibian Financial Institutions Supervisory Authority (NAMFISA). The activities of actuaries are regulated by the Acts governing each of these regulated industries. In addition to the Namibian Acts, actuaries are governed by the guidance notes issues by various professional bodies. In [...]

If your advisor looks more stressed than usual recently, she may be preparing for her FAIS exams. In a move that has been highly controversial in the industry, financial advisors have been asked to go “back to school” – to undergo a challenging series of examinations that tests their understanding of the Financial Advisory and [...]

In a recent determination, the Acting Pension Funds Adjudicator, Dr Elmarie de la Rey, has ruled that, in terms of Section 30I of the Pension Funds Act, the Adjudicator cannot rule on complaints were the act or omission in question took place more than three years before the date on which the complaint is received [...]