Category Archives: Financial Education

A case for higher offshore weighting within a living annuity?

There is this strange phenomenon in SA called Regulation 28 that is applied to retirement funds. It stipulates that retirement fund members may not have more than 75% of their funds in equities and no more than 25% of the fund invested offshore Continue reading A case for higher offshore weighting within a living annuity?

Scam alert – ISM R5000 share portfolio

ISM R5000 Share portfolio scam on the go again

It seems that an old scam is on the go again. I have just received a call from a company claiming to be called “ISM” and advising me that I had won a R5000 share portfolio. They needed to make an appointment to bring the money to me – urgently. Continue reading Scam alert – ISM R5000 share portfolio

Penalised twice! This is just not right!

We are trying to add someone who has never previously been able to afford medical aid onto a medical aid scheme. Given that she is over 35, that this is the first time that she will be a medical aid member and that in terms of the act, “A medical scheme may apply premium penalties to a late joiner...” she now faces a situation where just as she is able to join a scheme, she now might not be able to afford the premium because of the 25% penalty. Continue reading Penalised twice! This is just not right!

Working daze?

I think SARS started it all with their 21 working day turnaround times for things like “verification of supporting documents”. Or 30 working days turnaround for disputes! And they claim to be “at your service”? Unfortunately, it hasn’t taken long for some of the dinosaurs of the financial services industry to follow their example. Continue reading Working daze?

Official logo of the South African Revenue Services (SARS)

SARS still employing delaying tactics

The tax ombudsman recently made damning findings about SARS unreasonably delaying paying refunds. SARS, of course, denied that there is anything malicious in this. However, experience seems to show that they are still very much applying stalling tactics in their desperate search for funds.  Continue reading SARS still employing delaying tactics

8.5% per month in fees?

Am I reading this incorrectly or can it be that the monthly fee on this pension fund contribution is 8.5%?

Can it be that R240 of every R2808 in contributions is being eaten up by costs? Every month? And this is before the fund fees?

In 2017 with all the legislation that we have  – FAIS, TCF and RDR?

I’m completely stunned – please can someone tell me that I am reading this incorrectly?