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Aug 27, 2024 | 
labourguide.co.za | Deirdre Phillips |Bowmans South Africa
Embracing the ‘S’ in ESG through employer-backed pension loansWhile the power crisis has constrained South Africa’s economic growth, it is fair to say that it has negatively impacted the daily lives of all people living in South Africa.
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Jun 24, 2024 | 
bowmanslaw.com | Bongani Mtotoba |Amandla Makhongwana |Jerry Kaapu |Deirdre Phillips
It has been widely reported that the South African Revenue Service (SARS) is focusing on taxpayer compliance with the aim of collecting additional tax revenue. Further, SARS is gradually rebuilding its capacity and technical skills with an emphasis on hiring transfer pricing specialists. Auditing cross-border related party arrangements is seen as an easy way to address the shortfall.
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Jun 21, 2024 | 
bowmanslaw.com | Deirdre Phillips |Nadine Mather |Joyce Mbui |Vruti Shah
In the judgment in the matter between Hudaco Trading (Pty) Ltd t/a Ambro Steel and Others v Ramothwala, handed down on 26 May 2024, the Labour Appeal Court (LAC) confirmed that the prescription of an arbitration award is interrupted until the review proceedings and any related legal proceedings are concluded, even if those proceedings may have been defective.
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Jun 19, 2024 | 
bowmanslaw.com | Amandla Makhongwana |Jerry Kaapu |Deirdre Phillips |Bongani Mtotoba
SectorsAviationConstructionConsumer GoodsEducationEnergyFinancial InstitutionsHotels and LeisureIndustrialsInfrastructureInsuranceMiningPharmaceuticals and HealthcarePorts, Rail and LogisticsTMTRegionsCape TownJohannesburgNairobiMokaDar es SalaamDurbanWindhoekPort LouisLusakaSwakopmund
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Jun 3, 2024 | 
labourguide.co.za | Deirdre Phillips
The two pots have now reached boiling point, but, there are still ‘pot-holes’ that require attentionKindly take note that the President assented to the Revenue Laws Amendment Bill of 2023, discussed in the article below, and will become effective on 1 September 2024. This article was written a couple of days before the Bill was assented to, but remains accurate and relevant.
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May 20, 2024 | 
polity.org.za | Deirdre Phillips
Following extensive consultation and engagement, the Revenue Laws Amendment Bill, 2023 has been passed by both houses of Parliament and now awaits the President’s signature. The Pension Funds Amendment Bill, 2024 (PFAB) was passed by the National Assembly on 16 May 2024, and will be sent to the President for his assets. These Bills give effect to the establishment and the implementation of the two-pot retirement system that will come into effect on 1 September 2024.
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Feb 16, 2024 | 
bowmanslaw.com | Deirdre Phillips
The Financial Sector Conduct Authority (FSCA) published the requirements for rule amendments to be submitted by retirement funds to give effect to the two-component retirement system (or more colloquially known as the ‘two-pot system’) in its FSCA Communication 3 of 2023 (RF) (Communication) earlier today (16 February 2024). The Communication also outlines the approach the FSCA will be taking when considering applications submitted by retirement funds.
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Jan 31, 2024 | 
bowmanslaw.com | Deirdre Phillips
The Minister of Finance published the much-anticipated Pension Funds Amendment Bill (B3-2024) (Pension Bill) on 30 January 2024. The purpose of the Pension Bill is to amend the Pension Funds Act, 1956 (PFA) to insert certain definitions to provide for:the introduction of the savings withdrawal benefit;the appropriate account of a member’s interest in the savings, retirement and vested components; anddeductions that may be made.
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Jan 30, 2024 | 
cover.co.za | Deirdre Phillips
By Deirdre Phillips, partner, Bowmans. The Minister of Finance published the much-anticipated Pension Funds Amendment Bill (B3-2024) (Pension Bill) on 30 January 2024. The purpose of the Pension Bill is to amend the Pension Funds Act, 1956 (PFA) to insert certain definitions to provide for:the introduction of the savings withdrawal benefit;the appropriate account of a member’s interest in the savings, retirement and vested components; anddeductions that may be made.
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Nov 23, 2023 | 
polity.org.za | Deirdre Phillips
After many in the retirement industry may have taken a deep sigh of relief when the National Treasury finally agreed to postpone the implementation date of the much debated two-pot retirement system to 1 March 2025, it appears that the industry may now be caught in a simmering pot of uncertainty –the pot is clearly still being stirred.
