Regulatory Alerts2024-07-19
FSCA Communication 25 of 2024 (RF) on Legacy Retirement Annuity Policy Exemptions
The Financial Sector Conduct Authority (FSCA) has issued a public consultation proposing conditions under which legacy retirement annuity policies will be exempted from the two-component system introduced by recent Income Tax Act amendments. The draft determination outlines specific compliance requirements for these historical policies, allowing them to retain their assured lump sum and portfolio-level investment return features without being subject to standard retirement and savings component rules. Stakeholders are invited to submit written comments using the provided template by 16 August 2024 to help finalize the conditions that will govern these exemptions.
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