Budget Speech 2018

Government’s retirement reform programme will continue in 2018.

Consultations at NEDLAC on annuitisation of provident funds and preservation are still in progress, and it is my hope that an initial agreement can be concluded later this year.

Government has also directed the Financial Services Board to proceed with measures to modernize and improve the governance of all retirement funds, starting with the requirement that all retirement funds must now submit audited financial statements annually.

Other steps include the strengthening of enforcement measures, lowering costs and consolidating funds, and consulting with NEDLAC on more efficient measures to find beneficiaries when funds are not claimed.