Glassock Guidelines Ed 5

The twin peaks regulatory framework introduced to SA

The president has signed the Financial Sector Regulation Act (the Act) into law, introducing the twin peaks regulatory framework to South Africa. The effective date(s) of the Act are not yet known. Different effective dates will apply to different sections of the Act. While the Act comes into force over a period of time, there is bound to be overlap between the Act and the Pension Funds Act. 
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The ‘default’ regulations to the Pension Funds Act

The minister of finance issued the final "default" regulations to the Pension Funds Act ("regulations") on 25 August 2017, effective on 1 September 2017. The regulations have three components: (i) a default investment strategy, (ii) a default preservation strategy, as well as (iii) a fund annuity strategy (which is not a default as such).
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Case law update - divorce

While the Pension Funds Adjudicator (the Adjudicator) provides guidance on whether or not to give effect to a divorce order, there have been judgments which have applied the law by looking at the purpose of the legislation, rather than applying a strict legal interpretation.  The cases in this article provide further guidance on how to resolve issues which funds have faced in trying to give effect to divorce orders. 
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National Budget 2017/2018: reforms at a glance

In his opening speech, Minister of Finance Pravin Gordhan identified some of the factors which support the case for a radical transformation of economic models and inclusive growth. Minister Gordhan placed emphasis on the fact that the middle class have been left behind, 95% of the wealth in South Africa is in the hands of 10% of the population, 35% of the labour force is unemployed or has given up on finding work and poverty is concentrated in townships and rural areas.