Retirement tax reform
As far back as 2011, the South African government announced its intention to promote a culture of retirement savings through extensive retirement tax reform. The retirement tax reform includes enhanced deductibility of retirement fund contributions and an increase to the threshholds at which retirement fund members can access their retirement benefits as a cash lump sum.
While the broader retirement tax reform changes will come into effect on 1 March 2016 (‘T-day’), certain of the changes will only become effective on 1 March 2018.
Liberty is committed to ensuring our customers have the advantage of knowing about the retirement tax reform changes so they can enhance their retirement savings.
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Effective 1 March 2016
Effective 1 March 2018, subject to agreement between Government and stakeholders