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Pension Reforms : No need for Panic

A huge uproar is currently being made of the fact that the President has signed the Tax Administration Laws Amendment Act and Taxation Laws Amendment Act of 2015, pertaining to certain pension reforms, into law.

These reforms take effect on 1 March 2016. Members are yet again reminded that the reforms only affect PROVIDENT FUNDS. The Government Employees Pension Fund (GEPF) is NOT a provident fund, but a pension fund. Members of the GEPF will therefore NOT be affected by these pension reforms. In other words the pension rules that currently apply to educators remain as they are. Gratuities will still be paid to those educators who retire and qualify for such gratuities in terms of the GEPF Rules.

pdf National Treasury Media Statement of 2015120301 on Implementation of TLAA 2013 (217 KB)

pdf National Treasury QA Tax harmonisation 03 Dec2015 (254 KB)