The unification and simplification of the retirement fund rules remains on track for implementation in 2016. Several further reforms in this space have now been announced.
Legislation will be introduced to ensure that the government's policy of uniform treatment of all fund types is achieved, both with respect to the deductibility of contributions (27.5%, capped at ZAR350 000 per annum) and annuitisation of benefits - whether in respect to retirement annuity funds, pension funds or provident funds.
Furthermore, the ability to defer retirement benefits past retirement date will be subject to a maximum age limit, so that benefits cannot be deferred indefinitely. The age limit has not yet been announced.