Government has implemented a number of retirement fund reforms over the last few years in
order to promote a culture of savings and ensure retirement fund members have enough money to
retire comfortably. Three further changes will come into effect on 1 March 2021. The first change
will require provident fund members to take a portion of their retirement benefits in the form of an
annuity – this is referred to as ‘annuitisation’. The second change allows for greater ‘portability’
of retirement benefits across a much wider range of retirement funds and the final change will
be made to the current pre-retirement ‘emigration’ withdrawal requirements for me
What is Retirement Fund Reform?
Retirement Fund Reform is a process whereby Government, through policies and legislation, seeks to:
Encourage members of retirement funds to save and provide adequately for retirement
Encourage employers to structure retirement saving plans for their employees as part of the employment contract
Ensure that members of retirement funds receive good value for money for their retirement savings and are treated fairly
Improve standards of retirement fund governance