The media has talked a lot recently about the planned tax changes to retirement contributions, due to be implemented from “T-Day”. These changes would allow members to contribute significantly more to their retirement fund, and enjoy an increased tax deduction. Previous communication from National Treasury has indicated that “T-Day” would be on 1 March 2015.
However, National Treasury has announced that it will be postponing T-Day for between 1 and 2 years (i.e. until 2016 or 2017).
Unfortunately, this means that we will all have to wait a bit longer before we can take advantage of the increased contribution options and increased tax deductions. The changes that the Old Mutual HR team has been working on will be placed on hold, and your contribution options will remain unchanged.
