The link to the Treasury Press Release is below. It appears that the annuitisation is delayed, however the document released is a proposal and the final information will be covered in the budget speech on the 24th February, 2016 by Pravin Gordhan, current Minister of Finance. Much time and expense has been incurred by many companies to ensure compliance with the new act. It appears that both Nedlac and Cosatu are objecting to a lack of consultation, with two major issues on the table: The savings are part of worker’s income, and should be accessible to the workers, as and when they need them, particularly with no comprehensive social security in place The fact that a comprehensive social security and retirement reform discussion paper has not been published. There has been general communication regarding the Taxation Laws Amendment Act (TLAA). It was promulgated in 2013 and signed into law on 8 January 2016 i.e. with an effective date of 1 March...
Its just my opinion.... Sharing thoughts, experiences and insights on business issues (and a few personal ones too)