Annuitisation changes effective 1 March 2021

MEMBER COMMUNICATION

The new tax rules, regarding the annuitisation of provident funds, will be coming into effect on 1 March 2021.

On 28 October 2020, in his Medium Term Budget Policy Speech the Minister of Finance announced new tax rules regarding the
annuitisation of provident funds, effective 1 March 2021.

These proposals (referred to as the T-Day reforms) were originally intended to come into effect on 1 March 2015 but will only now be introduced given recent agreement between government and labour at a NEDLAC level.

Annuitisation of Provident Funds

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