President Cyril Ramaphosa has signed the Pension Funds Amendment Bill, enabling the Two-Pot Retirement System, effective from 1 September 2024. Old Mutual Corporate supports this legislation, but emphasizes the need for patience and thorough readiness from retirement funds and administrators.

The top three finalists for the esteemed 2024 Financial Planner of the Year Award, presented by the Financial Planning Institute of Southern Africa (FPI), have been unveiled.

South Africans face economic challenges with inadequate emergency savings. Standard Bank data shows many clients lack sufficient savings, relying on debt instead. Building cash savings is crucial for financial stability and wealth creation.

SMMEs by their very nature tend to be agile but they are also incredibly vulnerable to the impact of business interruption. Anything from theft and fire to cybercrime or unrest can be fatal to an enterprise that is not prepared. Insurance cover is therefore imperative to ensure the sustainability of SMMEs

With July being national savings month in South Africa it’s worth remembering that beyond providing access to retirement savings in cases of emergency, the long-term intention of Two-Pot is to improve the country’s retirement outcomes by keeping South Africans in work and saving more, for longer.

Marking the 10-year anniversary of Discovery Life’s Dollar Life Plan, Discovery Life released its 2024 Dollar Life research paper. The paper highlights how South Africans are increasingly opting for offshore life insurance to hedge against currency volatility and support global lifestyles.