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TWO POT RETIREMENT SAVINGS: INPUT SOUGHT ON LEGACY ANNUITY TAX EXEMPTION PROPOSALS
- 22 July 2024
- Financial Sector
- SA Legal Academy
The Financial Sector Conduct Authority has called for input by 16 August 2024 on a draft determination proposing conditions to be met for a ‘legacy retirement annuity policy’ to qualify as exempt from certain income tax obligations in the context of recent retirement saving reforms.
This is noting the imminent implementation of a two pot retirement savings system as provided in the Revenue Laws Amendment Act and Pension Funds Amendment Act, each of which has now joined the statute books.
According to an accompanying communication, the conditions being proposed are underpinned by the Income Tax Act’s definitions of:
- ‘legacy retirement annuity policy’
- ‘retirement component’, and
- ‘savings component’.
At the time of writing, the Pension Funds Amendment Act had not yet been gazetted. However, more information on this new piece of legislation can be found in a SA Legal Academy report on the Presidency media statement concerned.
- draft determination
- communication
- comments template
- SA Legal Academy report
Published by SA Legal Academy Policy Watch
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