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Ontleding van die beleggingsportefeuljes van selfgeadministreerde aftreefondse in Suid-Afrika (Afrikaans)De Swardt, Loraine 16 March 2006 (has links)
AFRIKAANS: Die doel van hierdie studie is om die beleggingsamestelling van aftreefondse in Suid-Afrika te ontleed en die beleggingsopbrengste van aftreefondse teen verteenwoordigende markindekse te vergelyk. Die invloed van voorgeskrewe beleggingsvereistes op die beleggingsamestelling van aftreefondse is ook bepaal. Aftreefondse speel 'n toenemende belangrike rol in die voorsiening van sosiale sekuriteit. Hierdie belangrike rol word weerspieël deur die groei in die aantal fondse, asook die aantal fondslede en die verskeidenheid voordele wat aftreefondse bied. Aan die einde van 1998 het aftreefondse in Suid-Afrika bates ter waarde van R604,8 miljard beheer, wat aftreefondsinstellings van die grootste en sekerlik die invloedrykste finansiele instellings in Suid-Afrika maak. Die belangrikste oorweging van aftreefondse is om die bydraes deur lede en werkgewers te administreer en na selektief gekose beleggingsmedia te kanaliseer om sodoende oor die langtermyn bevredigende opbrengste te verdien, wat weer groter voordele vir fondslede beteken. Bestuursrade van aftreefondse is gemoeid met die bestuur van fondsbates op so 'n wyse dat die hoogste opbrengs vir 'n geskikte vlak van risiko bereik word. Die empiriese studie van hierdie ondersoek word beperk tot die twintig grootste selfgeadminstreerde aftreefondse in Suid-Afrika volgens batewaardes in 1998. ‘n Vraelys is na die geselekteerde aftreefondse uitgestuur om hierdie aftreefondse se beskouing oor belangrike aspekte rakende die belegging van fondse te verkry. Die data wat in die empiriese ontleding gebruik word, is gebaseer op Jaarverslae van die Registrateur van Pensioenfondse, ontledings deur aktuarisse en administrateurs, inligting uit die finansiele jaarstate en die beleggingsbeleid van die twintig grootste selfgeadministreerde aftreefondse en verteenwoordigende markprysindekse. Die twintig grootste selfgeadministreerde aftreefondse het die verteenwoordigende markindekse vir die periode onder oorsig oortref. Die 25% belastingkoers wat op netto huurinkomste en bruto rente-inkomste gehef word, het egter 'n negatiewe invloed op die kontantvloei van aftreefondse. Tydens die periode onder oorsig het die gemiddelde beleggingsopbrengs van die twintig grootste selfgeadministreerde aftreefondse die verbruikersprysindeks op ‘n jaarlikse grondslag geklop. Dit dui daarop dat die bestuursrade daarin kon slaag om die uitwerking van inflasie op die beleggingsprestasie van aftreefondse en die pensioenaanpassing wat daarmee saamhang, tee te werk. Uit die ontleding van die beleggingsportefeulje het dit duidelik geblyk dat die beleggingsperke nie ‘n invloed op die beleggingsamestelling van aftreefondse het nie omrede die aftreefondse sonder moeite aan die voorgeskrewe perke voldoen het. In Eenvormige benadering kan egter nie by die beleggingstrategie van omskrewe bydraefondse toegepas word nie. Een van die oogmerke van die bestuursraad is om te verseker dat die belange van die fondslede te aile tye beskerm word. ‘n Beleggingstrategie om in alle lede se behoeftes te voorsien moet derhalwe spesifiek vir die bepaalde aftreefonds ontwikkel word. ENGLISH: The purpose of this study was to analyse the asset allocation of retirement funds in South Africa and to compare the investment returns of the retirement funds with related market indexes. The effect of prescribed investment limits on the asset allocation of retirement funds was also determined. Retirement funds play an increasingly important role in providing social security. This important role is reflected by the growth in the number of funds, as well as the number of fund members and the benefits which retirement funds provide. At the end of 1998, retirement funds in South Africa controlled R604,8 billion worth of assets, which make retirement institutions the largest and potentially the most influential financial institutions in South Africa. The most important task of retirement funds is to administer the contributions of members and employers and to channel these funds to selective chosen investment media to ensure that in the long-term acceptable returns are earned, which in turn ensures greater better benefits for members. Boards of management of retirement funds are required to secure benefits for their members. They are required to secure the assets of the fund, whilst maximising investment returns within acceptable levels of risk. The empirical study of this research was limited to the twenty largest self-administered retirement funds in South Africa, according to asset values in 1998. A questionnaire was sent to these twenty funds to establish their views relating to important aspects regarding the investment of funds. The data used in the empirical research was based on the Annual Reports of the Registrar of Pension Funds, analysis of actuaries and administrators, information from annual financial statements, the investment strategies of the twenty largest self-administered retirement funds and related market indexes. The twenty largest self-administered retirement funds managed to beat the related market indexes for the period under review. The 25% tax rate paid on net rental income and gross interest, had a negative effect on the cash flow of retirement funds. During the period under review, the rate of return for the twenty largest self-administered retirement funds beat the consumer price index on a yearly basis. This shows that boards of management managed to counter the effect of inflation on the investment performance of retirement funds and on the purchasing powers of pensions related thereto. The analyses of the investment portfolio clearly indicated that investment limits do not have an effect on the composition of the assets of retirement funds as retirement funds complied to the investment limits without difficulty. A uniform approach can, however, not be implemented for the investment strategy of defined contribution funds. One of the objects of the board of management is to ensure that the interest of its members is protected at all times. An investment strategy which satisfies the needs of the members should be designed to suit each specific retirement fund. / Dissertation (MCom (Financial Management))--University of Pretoria, 2006. / Financial Management / unrestricted
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A critical examination of the income tax provisions relating to the taxation of foreign income of residents as definedSmith, William Nevel January 2004 (has links)
The Budget speech of 23 February 2000 by the Minister of Finance marked the introduction of significant changes to the income tax system of the Republic of South Africa (Republic). A residence-based system of taxation (RBT) was adopted for years of assessment commencing on or after 1 January 2001 and Capital Gains Tax (CGT) was introduced with effect from 1 October 2001. According to the 2000 Budget Review a move to a residence-based system would significantly broaden the tax base, limit opportunities for tax arbitrage and bring the tax system in line with generally accepted international practice. The relaxation of exchange controls for South African residents with effect from 1 July 1997 made it possible for residents to invest limited funds offshore. The Fifth Interim Report of the Katz Commission suggested that if exchange controls were relaxed, the taxation of active income should remain on a source basis, but that passive income should be taxed on a residence basis. As a result deemed source rules in the form of section 9C and 9D were introduced into the Act with effect from 1 July 1997 and applied to “investment income” as defined. Section 9C taxed investment income of both residents and non-residents (from activities carried on by a permanent establishment in the Republic). Section 9D taxed investment income of controlled foreign entities and investment income arising from donations, settlements or other dispositions in the hands of residents The taxation of foreign dividends with effect from 23 February 2000 as a first phase in the move to a residence based system, lead to the introduction of s 9E. Foreign Dividends were taxed in the hands of residents subject to certain exemptions. The basic interest exemption was extended to foreign dividends. Section 6quat was revised to extend the rebate to foreign dividends and profits of a company from which dividends were declared. Section 9D was amended to cater for foreign dividends received by or accrued to controlled foreign entities. The implementation of a full residence-based system of taxation with effect from years of assessment commencing on or after 1 January 2001 required amendments to various sections of the Income Tax Act as well as the introduction of new sections. A residence minus system was adopted which means that residents as defined are now taxed on their world- wide income with certain exemptions. Non-residents are taxed on their income from sources within or deemed to be within the Republic. The provisions relating to the taxation of foreign income of residents is complex; adding to the complexity is the fact that several changes have already been made to these provisions since the inception of the world-wide basis of taxation. The provisions must also be interpreted against the background of any double taxation agreement (DTA) between the Republic and the relevant foreign country as the applicable DTA may override the Republic domestic legislation. For purposes of this treatise the amending Acts enacted up to the end of December 2003 are taken into account. Hardly five years after the Katz commission of inquiry into the tax structure concluded that RBT and CGT were too complicated to be administered by SARS, the implementation of RBT and CGT were announced in the 2000 Budget. A detailed examination of the provisions relating to foreign income of residents as defined was undertaken. Interpretational issues to be clarified by legislation and certain planning issues are highlighted. It is essential to understand and carefully consider the Republic tax laws and the relevant double taxation agreements, for the successful application of the provisions. Careful planning before concluding transactions is of vital importance in order to avoid or minimize any unwanted tax consequences resulting from the RBT and CGT provisions.
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A critical examination of the income tax provisions relating to the taxation of foreign income of residents as definedSmith, William Nevel January 2004 (has links)
The Budget speech of 23 February 2000 by the Minister of Finance marked the introduction of significant changes to the income tax system of the Republic of South Africa (Republic). A residence-based system of taxation (RBT) was adopted for years of assessment commencing on or after 1 January 2001 and Capital Gains Tax (CGT) was introduced with effect from 1 October 2001. According to the 2000 Budget Review a move to a residence-based system would significantly broaden the tax base, limit opportunities for tax arbitrage and bring the tax system in line with generally accepted international practice. The relaxation of exchange controls for South African residents with effect from 1 July 1997 made it possible for residents to invest limited funds offshore. The Fifth Interim Report of the Katz Commission suggested that if exchange controls were relaxed, the taxation of active income should remain on a source basis, but that passive income should be taxed on a residence basis. As a result deemed source rules in the form of section 9C and 9D were introduced into the Act with effect from 1 July 1997 and applied to “investment income” as defined. Section 9C taxed investment income of both residents and non-residents (from activities carried on by a permanent establishment in the Republic). Section 9D taxed investment income of controlled foreign entities and investment income arising from donations, settlements or other dispositions in the hands of residents. The taxation of foreign dividends with effect from 23 February 2000 as a first phase in the move to a residence based system, lead to the introduction of s 9E. Foreign Dividends were taxed in the hands of residents subject to certain exemptions. The basic interest exemption was extended to foreign dividends. Section 6quat was revised to extend the rebate to foreign dividends and profits of a company from which dividends were declared. Section 9D was amended to cater for foreign dividends received by or accrued to controlled foreign entities. The implementation of a full residence-based system of taxation with effect from years of assessment commencing on or after 1 January 2001 required amendments to various sections of the Income Tax Act as well as the introduction of new sections. A residence minus system was adopted which means that residents as defined are now taxed on their world- wide income with certain exemptions. Non-residents are taxed on their income from sources within or deemed to be within the Republic. The provisions relating to the taxation of foreign income of residents is complex; adding to the complexity is the fact that several changes have already been made to these provisions since the inception of the world-wide basis of taxation. The provisions must also be interpreted against the background of any double taxation agreement (DTA) between the Republic and the relevant foreign country as the applicable DTA may override the Republic domestic legislation. For purposes of this treatise the amending Acts enacted up to the end of December 2003 are taken into account. Hardly five years after the Katz commission of inquiry into the tax structure concluded that RBT and CGT were too complicated to be administered by SARS, the implementation of RBT and CGT were announced in the 2000 Budget. A detailed examination of the provisions relating to foreign income of residents as defined was undertaken. Interpretational issues to be clarified by legislation and certain planning issues are highlighted. It is essential to understand and carefully consider the Republic tax laws and the relevant double taxation agreements, for the successful application of the provisions. Careful planning before concluding transactions is of vital importance in order to avoid or minimize any unwanted tax consequences resulting from the RBT and CGT provisions.
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Investigating the relationship between income and subjective well-being in South Africa.Frame, Emily Sarah Nomgcobo. 30 October 2014 (has links)
Conventional approaches to the analysis of human well-being use money-metric
measures such as income or consumption. However, they are heavily criticised for
relying on a limited understanding of well-being. In recent decades, subjective
measures of well-being have been increasingly presented as providing a more
inclusive and holistic perspective of well-being. Using data from the National Income
Dynamics Study (NIDS), this dissertation examines the relationship between income,
a common money-metric measure of well-being, and life satisfaction, a key indicator
of subjective well-being. The results show that income and life satisfaction exhibit a
weak but significant positive relationship, one which is stronger at lower levels of
income. In addition to income, the analysis identifies a number of other significant
correlates of subjective well-being. Furthermore, several differences in the correlates
of income and life satisfaction are detected. These results highlight how subjective
well-being measures can include information about people’s lived experiences in
ways that are not fully captured in objective money-metric measures. / M.Dev.Studies University of KwaZulu-Natal, Durban 2013.
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A comparative study between the three phases of retirement with regard to the practical retirement planning processVan Beek, Renette 05 1900 (has links)
Retirement is a matter that seems to be underestimated by the majority of South Africans; as a result, they underestimate planning financially for it. Three phases, namely pre-retirement, close-to-retirement and post-retirement, were identified for the purposes of this study, together with the five different steps in the practical retirement planning process that merge into three core areas. The Organisation for Economic Cooperation and Development’s (OECD’s) first international pilot study on financial literacy resulted in the South African Financial Services Board (FSB) performing a national baseline survey during 2011 to determine South Africans’ financial literacy levels. The questions selected from the national baseline survey dealing with some of the elements within the three core areas of the practical retirement planning process were statistically analysed for a comparison across the three retirement phases. Differences that could influence individuals’ ability and financial decisions when planning for retirement were found across the three retirement phases. / Financial Accounting / M. Acc. Sc.
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The retirement funding adequacy of black South AfricansZeka, Bomikazi January 2017 (has links)
Despite the importance of retirement planning, many South Africans have been documented as reaching retirement age without adequate retirement funding. A vast amount of research has been conducted on how proper retirement planning can be beneficial for individuals; however, there has been a lack of attention given to researching the retirement planning of black individuals in South Africa. Thus, the primary objective of this study was to identify, investigate and empirically test which factors influence retirement planning, and which aspects of retirement planning influence the retirement funding adequacy of black individuals. After a comprehensive literature review was undertaken on the factors influencing the retirement planning and retirement funding adequacy of individuals, the following independent variables were identified as influencing the mediating variable (Aspects of retirement planning) and the dependent variable (Retirement funding adequacy) in this study: • Financial literacy; • The role of the financial planner; • Family support structure; and • Health status. These independent variables were selected to construct a hypothesised model and research hypotheses, as they have been identified as the prominent factors that influence the retirement planning of black South Africans. Furthermore, these independent variables were used in determining whether they have an influence on the Aspects of retirement planning (incorporating Retirement provisions, Retirement attitudes and Retirement intentions) and, ultimately, improve the Retirement funding adequacy of individuals. In order to establish the influence of the aspects of retirement planning on the retirement funding adequacy of individuals, an empirical investigation was undertaken. A measuring instrument, in the form of a questionnaire, was compiled from secondary literature sources. The respondents were identified though a mixed sampling approach, whereby stratified sampling and convenience sampling were used to attain 441 usable questionnaires that were subjected to statistical analyses. Descriptive statistics, in the form of frequency distributions, were used to summarise Section A and Section B of the measuring instrument. The validity and reliability of the measuring instrument were confirmed by means of exploratory factor analyses (EFA), and Cronbach’s alpha coefficients were also calculated for this purpose. As a result of conducting the EFA, two independent variables (Family support structure and Health status) loaded together, and the factor was renamed accordingly. From the EFA, the independent variables that emerged were The role of the financial planner, Family, health, and financial well-being, and Financial literacy. Furthermore, the EFA revealed that three mediating variables emerged from the mediating variable Aspects of retirement planning. These three mediating variables were consequently named Retirement intentions, Retirement attitudes, and Retirement provisions. There were no eliminated variables in this study. Based on the results of the EFA, some of the definitions of the variables were adapted. Consequently, the hypothesised model and its research hypotheses were adapted to reflect the results of the EFA. The results of the Cronbach’s alphas calculated reported that all the measuring scales used in the questionnaire of the study were reliable. Furthermore, descriptive statistics were also calculated to summarise the sample data, and Pearson’s product moment correlations were calculated to establish the correlations between all the variables used in this study. A multiple regression analysis was used to investigate the influence of the various independent variables on the mediating variables and the dependent variable. Furthermore, structural equation modelling (SEM) was used as the main statistical procedure to test for mediation in the study. SEM was also used to assess and confirm the results of the multiple regression analyses. Based on the results of the multiple regression analyses and SEM, the hypothesised relationships of the study were accepted or rejected. Additionally, the results of SEM revealed that the revised model of the study displayed acceptable model fit. To conclude the empirical investigation, t-tests and an analysis of variance (ANOVA) tests were performed to assess whether the respondents’ perceptions of the variables used in the study differed as a result of the respondents’ demographic information. Furthermore, to establish significant differences between individual mean scores, post-hoc Tukey tests were calculated, and practical significance was assessed by calculating Cohen’s d values. The main empirical results of the study found that statistically significant relationships exist between the independent variables The role of the financial planner and Family, health, and financial well-being, and the mediating variable Retirement intentions. Furthermore, a significant relationship was found between the independent variable Financial literacy and the mediating variable Retirement attitudes. Other significant relationships were present between all the independent variables The role of the financial planner, Family, health, and financial well-being and Financial literacy, and the mediating variable Retirement provisions. The study also established statistically significant relationships between the mediating variables Retirement attitudes and Retirement provisions and the dependent variable Retirement funding adequacy. Statistically significant relationships were also present between the independent variables Family, health, and financial well-being and Financial literacy and the dependent variable Retirement funding adequacy. This study has added to the limited amount of academic literature in the field of retirement planning in South Africa. Through the hypothesised model developed in this study, a significant contribution has been made towards investigating the factors that influence the retirement planning and retirement funding adequacy of black individuals residing in South Africa. This study presents recommendations to black individuals on practical strategies that could help to improve their retirement planning and retirement funding adequacy. Furthermore, suggestions are presented to financial planners and financial institutions, in order to assist black individuals or potential clients to improve their retirement planning and to help ensure that individuals are financially independent when they reach retirement age. It is recommended that financial institutions provide financial products/services that will cater to black South Africans.
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The impact of pension fund investments on economic development in South AfricaOlaifa, Ayodeji January 2012 (has links)
Pension fund investments have been under the spotlight lately, particularly on the back of the recent global financial and economic crisis that resulted in a significant reduction in pension fund assets across economies. Increased poverty levels and high financial indebtedness abound, as workers grapple with retrenchments, reduction in retirement benefits and reduced wages. This is causing a re-assessment of investment strategies of pension funds across the globe, and increasing support for the argument that, the traditional equity/government bond asset allocation is out - fashioned in a world of lower returns and wider choices. Pension funds by virtue of their size, can impact the society directly and/or indirectly through investments in companies that incorporate environmental, social and governance issues in their corporate behaviours, or in dedicated socially responsible investment funds or other forms of alternative investments. This study sought to provide a link between the investment patterns of pension funds and national economic development. An in-depth literature review was undertaken, and investments impacts were assessed by looking at published reports of select funds and corporations. Pension funds are an integral part of a nation‟s economy. This research work established the various dimensions in which pension fund investments can impact the socio economic development of a country, especially in developing countries, where there exists a huge infrastructural and economic gap among different sectors of the economy. Pension funds are workers capital, and therefore should be invested in a manner that will benefit workers, and these benefits cannot be restricted to mere financial benefits, it should be able to generate social, financial and environmental benefits, and in a sustainable way.
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An analysis of income and poverty in South AfricaMalherbe, Jeanine Elizabeth 03 1900 (has links)
Thesis (MComm (Statistics and Actuarial Science))--University of Stellenbosch, 2007. / The aim of this study is to assess the welfare of South Africa in terms of poverty
and inequality. This is done using the Income and Expenditure Survey (IES) of
2000, released by Statistics South Africa, and reviewing the distribution of income
in the country. A brief literature review of similar studies is given along with a
broad de nition of poverty and inequality. A detailed description of the dataset
used is given together with aspects of concern surrounding the dataset. An analysis
of poverty and income inequality is made using datasets containing the continuous
income variable, as well as a created grouped income variable. Results from these
datasets are compared and conclusions made on the use of continuous or grouped
income variables. Covariate analysis is also applied in the form of biplots. A brief
overview of biplots is given and it is then used to obtain a graphical description of
the data and identify any patterns. Lastly, the conclusions made in this study are
put forward and some future research is mentioned.
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Distribution of income among South African population groupsKofi, Ampofo-Twumasi 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: The primary objective of this study was to verify the extent to which income distribution
among the population groups in South Africa has changed since the 199! population census.
These were the findings:
It was established in this study that, at October 1996 the income share of Whites had dropped
from 71.2 percent (1970) to 51.9 percent. The White population constitute 12.6 percent of
South Africa population in 1996 but they received more than 50 percent of personal income in
the country. At October 1996 the per capita income of Whites was 8.8 times that of Africans,
4.5 times that of Coloureds and 2.3 times that of Indians. The study found that income
disparities between the population groups have narrowed, but there are a lot left to be done to
remove income inequalities in the country.
The study found that the income which accrued to each population group was not uniformly
distributed within the group. In all population groups, the poorest 40%, and the next 41-70%
household income classes suffered losses in household income shares between 1991 and
1996. In all population groups it was the richest 10% households who received the lion's
share of income which accrued to the group, between 1991 and 1996.
The study further found a shift in African employees from elementary occupations to artisan
and machine operators. Between 1995 and 1999 the proportion of Coloureds in elementary
jobs declined in favour of artisans, machine operators, managers and professionals. Indians
and Whites had the smallest proportion of their workforce engaged in elementary occupations
Only 5.4 percent of Africans aged 20 and above were found to possess degrees, diplomas and
certificates in 1999, compared to 6.5 percent Coloureds, 14.3 percent Indians, 31.5 percent
Whites. As high as 15.5 percent of Africans had not received any formal education at October
1999 compared to 7.9 percent Coloureds, 3.5 percent Indians and 0.3 percent Whites.
Unemployment in all population groups has increased since the 1996 South African
population census. / AFRIKAANSE OPSOMMING: Die primêre doelwit van hierdie studie was om die verandering in die omvang van die
inkomsteverdeling tussen die bevolkingsgroepe sedert die 1991 bevolkingsopname te
bevestig.
Daar is bevind dat die inkomste aandeel van Blankes vanaf 71.2 persent in 1970 na 51.9
persent in 1996 afgeneem het. Die Blanke bevolking het 12.6 persent van die Suid-Afrikaanse
bevolking in 1996 uitgemaak, maar hulle ontvang meer as 50 persent van persoonlike
inkomste in die land. In Oktober 1996 was die per capita inkomste van Blankes 8.8 keer meer
as dié van Swart Suid-Afrikaners en 6.8 keer meer as dié van Kleurlinge. Die studie het
gevind dat inkomsteverskille tussen die bevolkingsgroepe verminder het, maar dat daar nog
groot inkomste ongelykhede is.
Die studie het verder bevind dat die verdeling van inkomste binne elke bevolkingsgroep
ongelyk verdeel is. Tussen 1991 en 1996 het in alle bevolkingsgroepe, die armste 40%, en die
volgende 41-70% huishoudelike inkomsteklasse 'n daling in hul aandeel van huishoudelike
inkomste ondervind. In alle bevolkingsgroepe was dit die rykste 10% huishoudings wat die
grootste aandeel aan inkomste ontvang het tussen 1991 en 1996.
Die studie het ook gevind dat daar 'n verskuiwing van swart Suid-Afrikaanse werknemers van
elementêre beroepe na ambagsmanne en masjienoperateurs plaasgevind het. Tussen 1995 en
1999 het die verhouding van anderskleuriges in elementêre beroepe afgeneem ten gunste van
ambagsmanne, masjienoperateurs, bestuurders en professionele beroepe. Asiate en Blankes
het die kleinste verhouding van hulle werksmag in elementêre beroepe gehad.
In 1999 was slegs 5.4 persent van swart Suid-Afrikaners, ouderdom 20 en ouer, in besit van
grade, diplomas en sertifikate, in vergelyking met 6.5 persent Kleurlinge, 14.3 persent Asiate
en 31.5 persent Blankes. Tot en met Oktober 1999 het 15.5 persent van swart Suid-Afrikaners
geen formele opleiding ontvang in vergelyking met 7.9% Kleurlinge, 3.5% Asiate en 0.3%
Blankes. Werkloosheid het sedert 1996 in alle bevolkingsgroepe toegeneem sedert die 1996
Suid-Afrikaanse bevolkingsopname.
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Withholding of pension funds benefits under the South African LawSeakamela, Mmopa Queen January 2013 (has links)
Thesis (LLM. (Labour Law)) -- University of Limpopo, 2013 / This study will analyse section 37D of the Pension Funds Act, 24 of 1956. The
analysis will also give insight to pension benefits, and how they are afforded special
protection by the legislature. Section 37A (1) prohibits the reduction, transfer,
cession, pledge or hypothecation of pension benefits. In terms of the Act if a member
becomes insolvent, pension benefits are deemed not to form part of the insolvent
estate and are thereby protected from erosion by creditors. Section 37C of the Act
deems pension benefits payable on the death of a member, subject to certain
exceptions, not to form part of the assets of the estate of the deceased member.
Section 19 of the Act also serves to protect pension benefits by restricting the
manner in which a fund’s assets may be invested.
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