Retirement Reforms - All you need to know
New legislation has been introduced from 1 March 2016 for retirement funds.
Since you might be processing Pension Funds/Provident Funds/Retirement Annuities on Sage Pastel Payroll, we have compiled the documents below to illustrate how the Retirement Reform affects your processing.
* Please note the Year End Guide as well as the Retirement Reforms Guides are available in app product on our latest 2016 update 3, now available for download.
*We are aware of the possible postponement of the retirement reforms. However, if the compulsory annuitisation is postponed, the tax harmonization might still go ahead. In other words the changes to payroll might still be effective from March 2016 even though the pay-out changes might be postponed. Once we’ve received official confirmation, we will inform all clients.
Latest Media Statement regarding Retirement Reforms
How Retirement Reforms affects your Payroll
As part of the Sage culture we would like to provide the best service possible to our clients and help them with the preparation process for the retirement reform changes.
Please watch the video from our legislation manager Yolandi Esterhuizen for a quick explanation of the legislation changes. Keep an eye on this page for more detail!