President Jacob Zuma signs retirement reforms. Here’s what they entail…

President Jacob Zuma has just signed major retirement reforms.

The Money Show’s Bruce Whitfield interviewed Michael Prinsloo, Head of Best Practice in the Research and Product Development Division at Alexander Forbes.

Prinsloo discussed what the retirement reforms entail.

Scroll down for quotes from the audio below.

This unifies the tax deductibility across all pension fund arrangement.

Michael Prinsloo, Alexander Forbes

Tax deductibility is now 27.5% instead of 15% previously.

Michael Prinsloo, Alexander Forbes

All members of funds will now have to buy an annuity with at least a portion upon retirement.

Michael Prinsloo, Alexander Forbes

The ideal is to preserve your retirement savings when you change jobs. However, 90% of people who change jobs don’t do this.

Michael Prinsloo, Alexander Forbes

Costs have been reducing and will probably improve further in future.

Michael Prinsloo, Alexander Forbes

Subscribe to our Business Wrap Newsletter

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Edcon's Grant Pattison answers very personal questions about money

Edcon's Grant Pattison answers very personal questions about money

The Money Show’s Bruce Whitfield interviews Pattison about his attitude to money (hopes and fears, successes and failures, etc.)

Why 96% of small businesses fail (and what to do about it)

Why 96% of small businesses fail (and what to do about it)

The Money Show’s Bruce Whitfield interviews Raiz Corp CEO Allon Raiz who reviews “The E-Myth Revisited” by Michael E. Gerber.

10 reasons why this is BY FAR the best way to save for retirement

10 reasons why this is BY FAR the best way to save for retirement

Is there a single best way to build your wealth so you can retire with dignity? Yes, there is, despite costs and limitations.

How much you should save for retirement

How much you should save for retirement

You know you should save for retirement, but do you know how much? Financial planner Claude Hannah breaks it down in simple terms.

Is The Government Going To Take Your Pension Money?

Is The Government Going To Take Your Pension Money?

Bruce and Warren Ingram discuss how the proposed retirement reforms will affect your pension fund.

Why you need a pension fund (or retirement annuity) even if you own a house

Why you need a pension fund (or retirement annuity) even if you own a house

Many people falsely believe they do not have to save for retirement because they own the home they live in.

Popular articles
Sassa cards will be functional beyond expiry date

Sassa cards will be functional beyond expiry date

Sassa says text messages making the rounds asking beneficiaries to come and renew their Sassa cards is a hoax.

Soulful Sundays Playlist: Sunday 11 June 2017

Soulful Sundays Playlist: Sunday 11 June 2017

Favourites to feed your soul on Sunday.

Mashaba moves to insource security guards come Jan 2018

Mashaba moves to insource security guards come Jan 2018

Mashaba is also on a mission to identify owners of buildings in the city centre that he says are harbouring criminals.

Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

ANC branch in the Eastern Cape, Z.R Mahabana, has launched a campaign backing Lindiwe Sisuslu as an ANC presidential candidate.

It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?