National Treasury acting director-general Ismail Momoniat has provided a breakdown of the government’s plans for a new the two-pot retirement system, governance of umbrella funds and changes to existing regulations.
National Treasury acting director-general Ismail Momoniat has provided a breakdown of the government’s plans for a new two-pot retirement system, governance of umbrella funds and changes to existing regulations.
However, this is likely to be delayed. A more realistic time horizon is probably 3 to 5 years, as systems will need to be changed and liquidity in the funds addressed. Proposed solutions include requiring that board members cannot belong to more than three boards in a year, prescribing an ongoing value-for-money evaluation of the umbrella fund, and a disclosure-based initiative requiring funds to provide information on their cost structures.
Momoniat said the government is considering phasing in auto-enrolment, starting with formal salaried workers, or introducing mandatory retirement provisions for all formally employed workers. References to “pension fund organisation” and “fund” are being amended to refer to “retirement fund”. Umbrella funds and employers as supervised entities will be recognised.
Momoniat said final amendments to Regulation 28 include prohibiting investments in crypto assets until their regulation is formalised and broadening the definition of “infrastructure” to include both public and private infrastructure.
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