retirement fund
Understanding your retrenchment benefits is of great importance. As a minimum, the employer is required to provide you with one week’s remuneration per completed year of service, plus any outstanding leave paid in full. That said, many reputable employers make
Another important factor when it comes to planning for complex family structures is the issue of retirement fund beneficiary nomination. In the case of retirement funds, bear in mind that your beneficiary nomination is merely a guide to the fund
Funds held in retirement annuities do not form part of one’s deceased estate meaning that RAs can play a role in your overall estate plan, although it is important to understand the associated idiosyncrasies. This is because retirement annuities, being
If the member had no financial dependants at the time of death but had made beneficiary nominations, the trustees must first determine whether the member’s deceased estate is solvent. If not, then the death benefit – or a portion thereof
A well-constructed financial plan should help you use good debt strategically to increase your net worth. Remember, not all debt is bad – good debt, such as a home loan, can be leveraged to build equity in your property so
If an employee becomes permanently disabled, he/she will need to take ill-health retirement from the fund and leave the fund. In doing so, the proceeds of the disability benefit will be lumped together with the retirement benefits and may be
When leaving employment before formal retirement, preserving your accumulated retirement fund benefits in a preservation fund structure may be an attractive option although it is important to understand the other available options.
Avoid using your salary increase as a reason to live a more expensive lifestyle. While you may be tempted to buy a more expensive car or live a more lavish lifestyle, consider the lost opportunity costs of not investing the
As with all approved retirement funds, investors can save up to 27.5% of their taxable earnings into an approved retirement fund on a tax-deductible basis, up to the annual maximum of R350 000.
One of the most important factors when claiming a share of the member spouse’s pension interest is to ensure that the wording of the divorce order meets all the legal requirements to ensure that the fund administrator can action the
