On fin24.com

Finweek English Edition - - THE WEEK -

Pres­i­dent Ja­cob Zuma has signed the Rev­enue Laws Amend­ment Act into law to post­pone an­nuiti­sa­tion for prov­i­dent funds, ac­cord­ing to Na­tional Trea­sury. This af­fects prov­i­dent fund mem­bers only, by de­lay­ing the re­quire­ment for them to pur­chase an an­nu­ity at re­tire­ment and the abil­ity to trans­fer ac­cu­mu­lated re­tire­ment sav­ings be­tween all re­tire­ment funds tax-free un­til 1 March 2018. It was ini­tially due to come into ef­fect on 1 March this year, but pres­sure from labour unions forced gov­ern­ment to re­con­sider the dead­line. All other aspects of the re­tire­ment re­form amend­ments con­tained in the Tax­a­tion Laws Amend­ment Acts pro­ceeded as sched­uled on 1 March 2016.

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