SAPTU is in the process of developing a policy position on the prescription of asset and related issues, as a member of the Federation of Unions of South Africa (FEDUSA).
The minister of finance, Tito Mboweni, announced various proposed changes to the management of pension funds in the country during the Medium Term Budget Policy Statement in October. The National Treasury will table a bill next year that will make it possible for workers to access a portion of their pension funds before retirement under specific guidelines. Also, a review process will commence of the highly contested Regulation 28 of the Pension Funds Act that will make it possible for retirement funds to increase their exposure to investment in public infrastructure should their Board of Trustees support this.
“We see these changes in a severe light, as it will have an enormous effect on the availability of funds for retirement,” says Adv Ben van der Walt, General Secretary of SAPTU. “FEDUSA has already received input on the risks and benefits of these changes from experts from around the world. As a member of FEDUSA, we will keep our members informed on our policy going forward.”
Any members who wish to submit comments or require further information can contact SAPTU’s head office.
Issued by: SAPTU
Date: 17 November 2020
Enquiries: Adv Ben van der Walt, General Secretary SAPTU Email: info@saptu.co.za