Two pot retirement system: What it means for retirees
National Treasury is working on introducing the two component retirement system (previously the two pot retirement system), which is intended to be implemented on 1 March 2024. The new system requires a retirement fund to create components, each with its own limitations for retirement.
Prudential Authority directive to assist in combating money laundering and terrorist financing activities
The Prudential Authority (PA) deems it necessary to incorporate beneficiaries as a risk factor for money laundering and terrorist financing. The PA issued a directive to accountable institutions to collect identification particulars of beneficiaries to determine if they are politically exposed, if they are on any targeted financial sanctions lists or they have appeared in any adverse media. Just SA supports the Financial Intelligence Centre to combat money laundering and terrorist financing activities.
Read about the requirements from our legal team.
FAQs: Protection of Personal Information Act
POPIA is a data protection law that requires institutions like Just Retirement Life (South Africa) Limited (Just SA) to deal with the processing of personal information of data subjects (both natural and juristic persons). It provides privacy rights and consumer protection to South Africans in relation to how institutions like Just SA process personal information.
Read the FAQs from our legal team.