Legal Update: Overview of new draft default regulations that affect retirement funds
National Treasury has published draft default proposals that follow from the Treasury paper, Charges in South
African Retirement Funds, published in 2013. This paper highlighted the complex and opaque products with high
charges in the SA retirement system. The draft default proposals are some of the first steps, together with the
Treating Customers Fairly (TCF) initiative and the Retail Distribution Review (RDR), towards lowering charges and
improving market conduct in the retirement industry.