Amadwala BENEFITS

INSURANCE & ASSURANCE

Introducing Employee Benefit Schemes for SAIPA Members

South Africa’s R2 trillion retirement industry faces long-anticipated and dramatic reform, as government contemplates plans to make retirement saving compulsory for everyone in employment. Reform is taking place on multiple tracks.

There is social security reform, which is dealing with longer-term issues, but on the more technical level, there are immediate issues that have already changed, such as the “FAIS Act” which challenges the advisory process of financial products, the “Conflict of Interest Act” which challenges ethics.

Additionally, the 2011 Budget Review also contains proposals on the retirement contribution base and the tax treatment of contributions to retirement funds which includes proposed thresholds for tax deductions up to 22.5 per cent and limited to R 200 000 per annum. In addition, statements pertaining to the imposition of the 1/3rd lump sum/ 2/3rd annuity split for provident funds are also made. While these issues will first be addressed in discussion documents for public comment, after which legislation will be considered, it is important that our Institute acts proactively.

Partly due to the complexity of new regulation and the issues under debate, Amadwala Employee Benefits and SAIPA have created uniquely customized Employee Benefits packages for SAIPA members.

Closing the gap for SAIPA Members!

Key features of the SAIPA employee benefit schemes include:

• Low-cost, Group Life Schemes for employees which includes Death, Income Disability, Trauma and also Accident cover.
• Family Funeral & Accident Plan
• Retirement plans which includes Pension Funds or Group Retirement Annuity Fund catering to compulsory or voluntary membership