New default regulations to the Pension Funds Act will be implemented from 1 March 2019. The Pension Funds Act 24 of 1956 aims: to provide for the registration, incorporation, regulation and dissolution of pension funds and for matters incidental thereto. Use the search function to search for the pension fund by name, or the fund administrator by name. The main aims of the Pension Funds Act are to: Before legislative amendments came along on March 1, 2019, the pension fund withdrawal rules contained in the South African Pension Funds Act made it impossible to withdraw any part of a retirement benefit or borrow money from your retirement savings before the pensionable age of 55, depending on your unique situation. The list of pension funds is a very long list so needed to be broken down by administrator. Scientia Actuaries and Consultants Telephone: 011 789 4007. Amended by … GEPF is a defined benefit pension fund that was established in May 1996 when various public sector funds were consolidated. Amadou N. R. Sy . Southern Africa Quantum Consultants and Actuaries (Pty) Ltd. Telephone: (011) 784 5085. Commencement. Author. 1 January 1958 (Government Gazette 5971 of 8 November 1957) Amendments. The Retirement Funds Industry: Retirement Funds in South Africa are governed by the Pension Funds Act No 24 of 1956 (as amended), that came into operation on 01 January 1958. Deloitte member firms’ breadth of services and industry knowledge allow us to understand each client’s unique business needs. The giant African pension fund is South Africa’s Government Employees Pension Fund (GEPF), which had an investment portfolio of ZAR1.67trn ($124bn) at 31 March 2017 while accumulated funds and reserves grew at 10.2% a year for the last decade, according to the latest annual report. Since then, all retirement Funds (Pension, Provident and Retirement Annuity Funds), must be registered in terms of this Act. We have more than 1.2 million active members, in excess of 450 000 pensioners and beneficiaries, and assets worth more than R1.61 trillion. is a nonresident senior fellow at the Africa Growth Initiative at the Brookings Institution. The Institute of Retirement Funds Africa (IRFA) is an association that represents and promotes the interests of the retirement industry in South Africa and across the continent, to the ultimate benefit of the members of retirement funds. Pension Markets in Focus 2020. The Building Industry Bargaining Council (Cape of Good Hope) is a sector and area-specific Bargaining Council created in terms of the Labour Relations Act (1995). The Government Employees Pension Fund (GEPF) is Africa’s largest pension fund. Deloitte’s financial services industry specialists provide comprehensive, integrated solutions to the banking & securities, insurance, and investment management sectors. 06/11/2020 - Retirement savings in pension funds, pension insurance contracts and in other vehicles exceeded the USD 50 trillion mark worldwide for the first time at the end of 2019, with USD 49.2 trillion in the OECD area and USD 1.7 trillion in other reporting jurisdictions.
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