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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.