Cape Town – President Jacob Zuma has signed the Revenue Laws Amendment Act into law to postpone annuitisation for provident funds, the National Treasury said on Tuesday.
The new act affects provident fund members only, by delaying both the requirement for them to purchase an annuity at retirement and the ability to transfer accumulated retirement savings between all retirement funds tax-free until March 1 2018.
All other aspects of the retirement reform amendments that were contained in the Taxation Laws Amendment Acts proceeded as scheduled on March 1 2016, Treasury said in a statement on Tuesday.