BEYOND THE RUBICON Retirement Fund Transfers in the Minimum - - PowerPoint PPT Presentation

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Feb 23, 2023 159 likes •268 views

2004 Pension Lawyers Association Conference 15 - 17 February 2004 Cape Town International Convention Centre C HANGING TOMORROW SHARING KNOWLEDGE AND EXPERIENCE. Preparing For The Future . Topic: Beyond The Rubicon Speaker: Mickey Lowther

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2004 Pension Lawyers Association Conference 15 - 17 February 2004 Cape Town International Convention Centre

CHANGING TOMORROW

SHARING KNOWLEDGE AND EXPERIENCE. Preparing For The Future.

Topic: Beyond The Rubicon Speaker: Mickey Lowther Employer / Organisation: Independent Actuary

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BEYOND THE RUBICON Retirement Fund Transfers in the Minimum Benefits Era

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Why are transfers

so complex? Case histories

Minimum benefits

Implications for future transfers

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Solidarity

Individual Retirement Annuity Defined Contribution Fund Defined Benefit Fund State Old Age Pension

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Judges naturally hesitate to perform the tasks of a brain

surgeon. Actuaries are entitled to

similar deference. Accordingly, the test for judicial intervention must be constrained to testing the reasonableness and rationality of actuarial methods

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Actuaries do it with Discretion

Sentrachem UNISA UP Langeberg Pepkor

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Minimum Benefits

If you set a minimum, people say: “If that is the minimum, why do I have to pay any more?” – M.Slack S14(c) amended MIR Basis and Guidelines MIR can be < RBE

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Beyond The Rubicon

Old issues remain New ones appear But the acid test gets closer

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The Acid Test

A member who has moved between retirement funds during his or her career and has preserved the amounts available on each change of employment, should have a reasonable expectation of receiving an acceptable pension on retirement – ASSA, 2001.

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Thank You!

Individual Retirement Annuity Defined Contribution Fund Defined Benefit Fund State Old Age Pension