082 494 5624
 

 
 
 

Retirement Fund Changes Effective March 2016

 
 

There are 2 change on retirement funds from March 2016

 

1. Total Contribution

 From 1 March 2016, individuals will be able to claim a tax deduction on contributions to a retirement annuity, pension fund or provident fund of up to 27.5% of the higher of

•total annual remuneration, and

•taxable income

subject to an overall maximum annual tax-deductible contribution of R350 000. The transfer of retirement savings to provident and provident preservation funds from other funds will be tax-neutral in all instances.

2. Alignment of retirement funds:

With effect from 1 March 2018, a provident fund will have a same rules as a pension fund or retirement annuity,  a maximum of one third of the retirement benefit from a provident fund may be taken as a lump sum. The remaining two thirds will have to be applied to purchase an annuity at retirement. 

The following exceptions will apply:

•All accumulated savings in a provident fund on 29 February 2018 and all future growth on this amount will be protected so that 100% of these savings may be taken as a lump sum at retirement. 

•Provident fund members who are 55 years or older on 1 March 2018 will also be able to take the full benefit, including contributions made after 1 March 2018 and the growth thereon, as a lump sum at retirement.

•A member will be able to commute their full retirement benefit as a lump sum if the fund value does not exceed R247 500. This will be applicable to the total value of each retirement fund – retirement annuities, pension and provident funds.

Note that these changes do not affect the benefit clients currently have of making one (full or partial) withdrawal from their preservation fund before retirement.

By saving more though a Retirement Annuity can increase your pensionable income significantly though making use of tax benefits.

For any enquiries you can contact us.

 

Aftree fonds verandering effektief Maart 2016

 
 
Daar is 2 verandering rakende jou aftree fondse wat in werking kom Maart 2016
 
 
 
 
1. Jou total Bydrae.
 
Vanaf 1 Maart 2016, kan individue meer bydrae tot hulle pension fondse, aftree annuiteite en providend fondse en die bedrae vanaf SARS terug eis op hulle belasting, die maksimum bydrae word beperk  tot 27.5% van die hoogste van
 
  • jou jaarlikse inkomte, en
  • belasbare inkomste.
 
onderhewig aan 'n maksimum bydrae van R350 000 per jaar.
Die oordrag van aftree fondse na preserverings fondse het nog steeds gee belasting implikasies nie.
Belasting word slegs betaal as jy 'n onttrekking maak.
 

2. Veranderings aan voorsorgfondse

Voorsorgfondslede se bydraes sal vanaf 1 Maart 2018 by aftrede aan dieselfde reëls as dié van pensioen- en uittree-annuïteitsfondse onderworpe wees.
Jy sal dus tot 1/3 van jou fondse kan onttrek by aftrede. Die balans sal deur middel van 'n lewende annuiteit vir jou 'n inkomste gee.
 
Uitsluitings:

Lede wat in die voorsorgfonds aanbly en op 1 Maart 2018 55 jaar of ouer is:

•Dié lede word nie geraak nie en sal by aftrede die volle bedrag uit hul voorsorgfonds mag onttrek.

Lede wat op 1 Maart 2018 jonger as 55 jaar is:

•Dié lede sal by aftrede die volle aftreebydraes wat tot op 29 Februarie 2018 in die voorsorgfonds opgebou het, plus die groei daarop, mag ontvang.

•Bydraes wat vanaf 1 Maart 2018 bygedra is, plus groei daarop, sal onderhewig wees aan die R247 500 kommutasie drempel  ◦Indien die totale fondsvoordeel meer as R247 500 is, is die eenderde-/pensioenopsie van toepassing

◦Indien die totale fondsvoordeel minder as R247 500 is, mag die lid die volle bedrag in kontant ontvang.

 Die veranding gee jou dus 'n geleentheid om deur middel van belasting jou aftrede inkomste te verhoog en te verbeter.

 

Vir meer inligting kontak ons.
 
 
 
 
Address: 697 Amandelboomroad, Pretoria
 
FSB at www.fsp.co.za: 25405