Bill adopted to delay compulsory provident fund annuitisation
PARLIAMENT’S standing committee on finance on Thursday adopted the Revenue Laws Amendment Bill, which postpones the implementation of compulsory annuitisation of two-thirds of provident fund savings on retirement until March 2018.The bill will be debated and adopted by the National Assembly next week before being referred to the National Council of Provinces for processing.The bill and the associated report of the committee sets out a tight framework for consultations over the next two years between the Treasury and parties both inside and outside the National Economic Development and Labour Council.All parties were eager to tie each other to negotiations to prevent another deadlock in two years time over the annuitisation provision, which the Congress of South African Trade Unions (Cosatu) and the National Union of Metalworkers of SA strongly oppose. The provision was due to come into force on March 1, but will be postponed to allow for more talks.Finance committee chairman Yunus C...
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