AGRICULTURAL PRODUCTS Marketing of Agricultural Products Act AMENDMENT TO Statutory Measures for Maize Products, Wheaten Products and Oilseeds Products Link to notice | FRESH PRODUCE MARKETS
Agricultural Produce Agents Amendment Bill AMENDMENT TO ACT Explanatory summary Link to notice |
CONSTRUCTION AND BUILDING Architectural Profession Act FINAL GUIDELINE Professional Fees Link to notice |
ELECTRICITY Electricity Regulations Act DETERMINATION of New Capacity Generation Link to notice |
ALIEN AND INVASIVE SPECIES National Environmental Management: Biodiversity Act REVISED Alien and Invasive Species Lists and Regulations Link to notices 43726gon1003.pdf and | NUCLEAR National Nuclear Regulator Act REVISED Fees for Nuclear Authorisations Link to notice |
WATER National Water Act 1998 Installation of water measuring devices for water taken for irrigation purposes in all water management areas: EXTENSION Link to notice | ||
PENSION FUNDS Pension Funds Amendment Bill EXPLANATORY SUMMARY AND CALL FOR COMMENT The outbreak of the COVID-19 pandemic in the Republic has had a severe impact on the South African economy and on the personal financial wellbeing of many South Africans who require financial support. Section 19 of the Pension Funds Act, 1956 (Act No. 24 of 1956) (“the Act”) currently enables pension fund members to access a loan, where the pension fund asset acts as security for such a loan, in order to obtain a home loan. However, the Act does not permit pension fund members to obtain a loan for any other purpose. The draft Bill, therefore, seeks to amend the Act in order to allow for pension fund members to obtain a loan, secured by a guarantee from a registered pension fund, to alleviate financial pressure during the COVID-19 emergency or any other emergency similar to COVID-19. The draft Bill provides for a registered pension fund to offer a guarantee to a pension fund member of a maximum of 75% of their share in the value of the fund. By enabling a member to access a pension-backed loan, that member will be able to leverage their pension fund investment prior to their retirement date, without eroding their provision for eventual retirement. Lending institutions will be enabled to offer loans to pension fund members at competitive interest rates and over extended or deferred payment periods given that the loan is fully guaranteed.
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