Why was the accrual system introduced? In previous years you had the situation where one spouse was the main breadwinner while the other stayed at home. The main breadwinner bought all the assets in their name while the ‘stay at home’ spouse had very little to show for all their effort. The accrual system dealt [...]
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Private Pension Claims Once you receive your divorce order you should claim your share. It is important to make an endorcement against the fund as soon as possible this will ensure that your share will not be paid to your ex-spouse in the event of death, disability, resignation, retrenchement or the liquidation of the fund. [...]
Divorce is often a bitter and costly exercise, and the last thing one wants is to go through the legal process only to be left with an unenforceable divorce order in so far as it relates to a share in pension interest. Recent Adjudicator decisions have once again highlighted the importance of ensuring that divorce [...]
Correct wording in your divorce order will result in a valid claim against your ex-spouse's retirement funds: You can claim against your spouse’s retirement funds as long as you name them correctly, There a few retirement vehicles that you can claim against: Pension Fund Provident Fund Preservation Pension Fund Preservation Provident Fund Retirement Annuity Fund [...]
When doing your accrual calculation, spouses married ANC with accrual or married in community of property will have to divide their estate in equal shares. However the divorce act does not stipulate is which assets have to be divided as long as each spouse gets their 50% share. You can therefore try to preserve as [...]
Step 1 - Divorcesmart When you receive your “sjoe-sjoe” letter it is very normal to panic, be very emotional, cry buckets full of tears and it really feels like it is the end of your world and it most certainly is. But what you won’t see is that is the beginning of your new life. [...]
Divorce Orders date after the 1st of March 2012: No tax will be payable on any amount that becomes payable on or after 1 March 2012 in terms of a divorce order that was issued before 13 September 2007. Divorce Orders date after the 1st of March 2012: If an amount becomes payable by a retirement fund on or after 1 March [...]
Suggested Wording: It is ordered that the Defendant's Members Pension Interest held At the Government Employees Pension Fund be endorsed by the administrators of such Pension Fund or its successor in title to the effect that the court has ordered a division of the joint estate subsisting between the parties and that the Plaintiff (non-member) [...]
The Government Employees Pension Fund (GEPF) has introduced a rule amendment to their fund introducing the clean break principle on 1 April 2012. The rule amendment has enabled a non-member spouse to receive their portion of the pension interest, as per the court’s decision, in cash or allows for transfer to an approved fund Preservation Pension [...]