1. National Retirement Fund Reform Document 1

2. 1.Appreciation 2.Overview 3.Consultation with industry, input from retirement funds and feedback to National Treasury. 2

3. Access: Compulsory provision versus voluntary participation Employer provides vehicle or payroll facility Compulsory eligibility for defined class Voluntary savings ratio Minimum or no retirement funding contribution 3

4. National Savings Fund: Participation Means Test Retirement Fund Tax 4

5. Preservation and Portability: Support preservation and recognition of life crisis Access subject to penal tax rate Housing loan default – access to cash on withdrawal? 5

6. Pension/Provident Fund debate: Retention of vested rights or phasing in 6

7. Trustee training: Upskill to minimum levels Stagger process of trustee replacement on boards of funds Skills levy Standardization, centralization and overall co-ordination of trustee training 7

8. Other supporting issues: Socially Responsible Investments Taxation review HIV Support 8