Have Your Say: Pension Funds Amendment Bill [B3 – 2024] and the Responsible Spending Bill [B9 – 2023]
The Standing Committee on Finance invites stakeholders and interested parties to submit written submissions on the Pension Funds Amendment Bill [B3 – 2024] and the Responsible Spending Bill [B9 – 2023]
Key proposals contained in the Pension Funds Amendment Bill [B3 – 2024] include the following:
- amend the Pension Funds Act, 1956, so as to insert certain definitions in order to provide for the introduction of the savings withdrawal benefit;
- provide for the appropriate account of a member’s interest in the savings, retirement and vested components;
- provide for deductions that may be made; and
- provide for matters connected therewith.
In addition, to introduce the two-pot retirement system for funds not under the scope of the Pension Funds Act, 1956, proposed amendments to the Acts for these funds (such as the Government Employees Pension Fund, and pension funds established in terms of the Post and Telecommunications Related Matters Act and the Transnet Pension Fund Act) will be made available on the National Treasury’s website, for their consideration during the processing of the Bill.
Submissions must be received by no later than 12:00 on Monday, 11 March 2024.
Those who want to make submissions at public hearings on Tuesday, 12 March 2024 should specifically request this. These hearings will be conducted through Zoom.
Key proposals contained in the Responsible Spending Bill [B9 – 2023] include the following:
- promote responsible spending by obligating the Republic of South Africa to reduce its debt levels and its exposure to debt;
- introduce fiscal rules for the management of debt and government guarantees;
- provide for the review of the fiscal rules;
- provide for certain exemptions from the fiscal rules;
- provide for reporting requirements;
- increase transparency and fiscal responsibility; and
- provide for matters connected therewith.
Submissions must be received by no later than 12:00 on Monday, 11 March 2024.
Those who want to make submissions at public hearings on Wednesday, 13 March 2024 should specifically request this. These hearings will be conducted through Zoom.
Submissions must be directed to the Committee Secretaries, Mr Allen Wicomb and Ms Teboho Sepanya, 3rd Floor, 90 Plein Street, Cape Town, 8000 or awicomb@parliament.gov.za / tsepanya@parliament.gov.za / tel. (021) 403-3759 / (021) 403-3662.
Issued by Hon. J Maswanganyi, MP, Chairperson: Standing Committee on Finance (National Assembly)
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