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Legislation

  • Section 37C and nominees - nomination of an artificial person?
    6 June 2019
    In this edition we will look at the wording of section 37C(1) of the Pension Funds Act No. 24 of 1956 (“the Act”) in order to determine if it leaves room for the trustees to consider an artificial person as the nominated beneficiary of a death benefit.
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  • Legal Matters - Section 37C and settlement agreements
    25 April 2019
    In this edition we will look at the wording of section 37C(1) of the Pension Funds Act No. 24 of 1956 (“the Act”) in order to determine if it leaves room for the trustees to consider the terms of an agreement entered into between the beneficiaries regarding the distribution of fund death benefits.
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  • Legal Matters - Retirement fund default regulations
    2 April 2019
    During 2017 the Minister of Finance issued the final retirement fund default regulations (commonly referred to as “Default Regulations”) made in terms of section 36 of the Pension Funds Act, 1956.
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  • Legal Matters - Transfer of retirement interest to preservation funds
    25 February 2019
    In 2017, the Income Tax Act was amended to allow employees to transfer their benefits from employer pension or provident funds to a retirement annuity fund on or after reaching normal retirement age, but before retirement date.
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  • Legal Matters - The retirement fund industry vs. the return of the Prescribed Assets requirement
    31 January 2019
    The ANC’s 2019 Election Manifesto as recently launched has left many retirement fund members gravely concerned about the impact of their intention to ”investigate the introduction of prescribed assets on financial institutions’ funds..”.
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  • Legal Matters - Can a dependant be disqualified on the basis of being unworthy
    24 May 2018
    I previously wrote an article titled “The common law principle of “de bloedige hand erft niet” and death benefits in terms of Section 37C – Can a dependent be disqualified on this basis?” which specifically examined the wording of section 37C(1) of the Pension Funds Act No. 24 of 1956 in order to determine whether it leaves room for the application of the “bloedige hand” principle by the Board of Trustees.
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  • Legal Matters - Cancellation of tax directives
    1 August 2017
    Retirement Fund administrators are required, in terms of the Income Tax Act No. 58 of 1962, to apply for a directive for any lump sum payable to a member. In this article we look at the issues that arise when trying to cancel such a tax directive.
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  • Legal Matters – Ndaba Court Case
    14 July 2017
    Last year in May I wrote an article explaining why a party to a divorce action does not automatically acquire any right to the pension interest of the member spouse simply by virtue of the fact that the parties were married in community of property – the reason being that, in order for the court to award a portion of pension interest to the non-member spouse, the court must first declare the pension interest to be part of the estate after deeming it an asset in terms of section 7(7)(a) of the Divorce Act, 1979.
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  • Legal Matters – Calculating pension interest at divorce
    1 May 2017
    I’ve written quite a bit about pension interest at divorce and how to claim it, when you can’t claim at all and also what doesn’t form part of “pension interest” as defined (e.g. living annuities).
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  • Legal Matters – Interest-free loans to trusts
    1 March 2017
    For a number of years, National Treasury indicated that it intended tightening up the tax provisions applicable to trusts. On 8 July 2016, the Draft Taxation Laws Amendment Bill (Draft TLAB) and the Explanatory Memorandum on the Draft TLAB (Explanatory Memorandum) were released by National Treasury which contained far-reaching tax consequences for trusts.
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  • Legal Matters – Foreign service exemption
    1 February 2017
    In this edition we will focus on the nature of an obligation to pay maintenance in terms of the Divorce Act and whether or not this obligation can survive the death of the person paying maintenance.
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  • Legal Matters – FAIS and the Power of Attorney
    1 October 2016
    No person is by nature able to act on behalf of another - he or she must have the necessary authority to do so. This authorisation is commonly given in the form of a power of attorney.
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  • Legal Matters – Maintenance and Divorce: What happens when your spouse dies?
    1 September 2016
    In this edition we will focus on the nature of an obligation to pay maintenance in terms of the Divorce Act and whether or not this obligation can survive the death of the person paying maintenance.
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