My Money My Lifestyle

• 8: Know your Ombud Episode 8: When your pension fund lets you down

  Your pension fund is likely your biggest asset, but do you know your rights when things go wrong? In this episode of "Know Your Ombud," host Maya Fisher-French interviews Pension Funds Adjudicator Muvhango Lukhaimane.. If your pension fund or employer isn't treating you fairly, you can approach the Pension Funds Adjudicator at no cost – no lawyer needed. They'll even help if you haven't tried resolving issues with your fund first. In this episode, Lukhaimane raises the importance of fund communication with many members having never even held a benefit statement. Funds are failing to share basic information about your benefits, growth, and entitlements. You should actively demand this information. Two-pot taught harsh lessons about tax. One member expecting R15,000 from his savings pot received only R2,000 because SARS deducted outstanding taxes. Remember: all withdrawals require tax clearance, so keep your affairs in order. Death benefits aren't automatic. Trustees have discretion based on actual financial dependency, not just legal relationships. In one case, trustees allocated 65% to minor children over adult children and spouse because the minors had greater dependency needs. When funds place children's benefits in beneficiary funds, the default position favours competent parents managing the money. One mother successfully challenged this when the fund couldn't prove she was incapable. But members aren't always right. One member demanded R1 million based on an incorrect statement. The ruling? You can't get what you're not legally entitled to under fund rules. Bottom line: Stay informed, know your rights, and use free help when needed. If you feel let down by a financial provider, contact one of these Ombud schemes: - FAIS Ombud for financial advice disputes – faisombud.co.za - Office of the Pension Funds Adjudicator (OPFA) for pension fund related disputes – pfa.org.za - JSE Ombud: JSE-related issues – jse.co.za - National Financial Ombud Scheme (NFO) for banking, credit, and insurance – nfosa.co.za This series was created in partnership with The Ombud Council.

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• 2: Retirement Reimagined Episode 2: Is retirement planning a luxury?

  In this episode of "Retirement Reimagined," host Maya Fisher-French engages in a thought-provoking discussion with Lytania Johnson, CEO of FNB Personal Segment about the pressing question: Is retirement planning a luxury only for those with extra cash? Together, they explore how the financial realities faced by many South Africans often push retirement planning to the backseat, overshadowed by immediate needs like housing, education, and debt repayment. Realities of Retirement Planning Lytania shares insights from the latest FNB retirement survey, revealing that only 9% of income is currently allocated to retirement savings, compared to a staggering 20% spent on groceries. The conversation highlights the challenges of cashing out retirement funds, the impact of the two-pot withdrawal system, and the necessity of understanding contribution levels for a secure retirement. Side Hustles and Additional Income As the discussion unfolds, they investigate the rise of side hustles as a means to generate extra income and how these ventures can play a significant role in retirement planning. They emphasise the importance of changing mindsets around retirement savings, urging listeners to prioritise their future and consider the long-term benefits of investing even small amounts from side income. Changing Behavior and Mindset Maya and Lytania tackle the societal tendency towards instant gratification and the need for education on the time value of money. They stress that retirement should not be viewed as a distant goal but as a present responsibility that requires action now. The episode closes with a reminder that every bit saved today contributes to a more secure tomorrow. Tune in to gain valuable insights on navigating the complexities of retirement planning and learn how to turn your financial future into a priority, not a luxury. For more information on the retirement survey, visit the FNB website. Don't miss our next episode, where we will discuss the importance of second careers in postponing retirement and leveraging side hustles as sources of retirement income.

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• 7: Know your Ombud Episode 7: Overseeing the quality of advice

  What is good advice? In this episode of "Know Your Ombud," host Maya Fisher-French interviews John Simpson, the FAIS Ombud, about how his office protects consumers when financial advice goes wrong – and what you need to know to protect yourself. Real-Life Cases Simpson shares several cases that illustrate how the FAIS Ombud holds financial advisers to a much higher standard. Advisers cannot assume a client understands the product, and any critical clauses or require specific action by the client must be highlighted by the adviser: Why the Ombud ordered financial advisors to pay the clients' insurance claim after failing to mention one critical insurance requirement An adviser is held responsible for his client having the wrong insurance for his Uber business Why bad tax advice meant an adviser was responsible for his client's R85 000 tax bill When Advisers Get It Right (And Wrong) The podcast doesn’t just highlight adviser failures. Simpson provides a balanced perspective on what quality financial advice should look like and when consumers must take responsibility for their own decisions – particularly in high-risk areas like forex trading where up to 70% of retail investors lose money. Your Financial Rights Simpson explains how the FAIS Ombud process works:  How to file a complaint if you’ve received poor financial advice What special protections exist for vulnerable consumers The limitations of the Ombud’s authority and when they can’t help Protect Yourself Simpson provides straightforward advice on how to verify your adviser’s credentials, what questions to ask before signing any financial agreement, and the simple Google search that could save you from financial disaster. Whether you’re planning for retirement, buying insurance, or considering investments, this podcast provides essential knowledge about your rights and how to protect your financial future. Listen now to arm yourself with insider information from the very authority tasked with overseeing the quality of financial advice in South Africa. If you feel let down by a financial provider, contact one of these Ombud schemes: - FAIS Ombud for financial advice disputes – faisombud.co.za - Office of the Pension Funds Adjudicator (OPFA) for pension fund related disputes – pfa.org.za - JSE Ombud: JSE-related issues – jse.co.za - National Financial Ombud Scheme (NFO) for banking, credit, and insurance – nfosa.co.za This series was created in partnership with The Ombud Council.

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• S2 Ep2: Money Bootcamp: How to ace your taxes

  As we dive into July, many of us feel the familiar pang of anxiety that accompanies tax season. In our latest episode, we tackle the ins and outs of tax filing. Joined by tax expert Andre Bothma, we explore why tax can feel overwhelming and how to navigate the process with confidence. One of the key topics discussed is the concept of auto assessments introduced by SARS (South African Revenue Service). If you're employed and earning an income, you may receive an auto-assessment, a pre-filled tax return that simplifies the filing process. However, as Andre points out, just because you receive one doesn't mean you should trust it blindly. It is essential to review the details, as mistakes can lead to missed deductions or incorrect refunds. For students and freelancers, the conversation shifts to the importance of filing even if your income is small. Many young people, especially those working in creative fields or part-time jobs, may not realise that they are required to file a return, particularly if tax has been deducted from their earnings. Filing a return can lead to a refund, making it a crucial step in managing your finances. Throughout the episode, we also discuss the significance of understanding your status as a provisional taxpayer. This designation applies to those earning income without pay-as-you-earn deductions, such as rental income or freelance work. Andre emphasises the importance of being aware of deadlines and the potential penalties for late submissions, which can add unnecessary stress to an already daunting process. Moreover, we delve into the various deductions available to individuals, from retirement annuities to business expenses. Understanding what you can claim is vital in reducing your taxable income and ensuring compliance with tax laws. As we wrap up the episode, Andre provides practical advice on engaging with SARS and familiarising yourself with the e-filing system. He reassures listeners that while tax season can be intimidating, with the right knowledge and support, it can become a manageable task. If you’re looking to take control of your financial future, this episode is a must-listen. Tune in to gain insights that will empower you to tackle tax season head-on and alleviate some of the anxiety surrounding personal finance.

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• 6: Know your Ombud Episode 6: Death and Disability claims not adding up?

  In this episode of "Know Your Ombud," we examine the complexities of long-term insurance and the common complaints the Ombud receives. Host Maya Fisher-French chats to Sonya Marais, Senior Adjudicator for the Life Insurance Division of the National Financial Ombud (NFO), about the intricacies of insurance claims, particularly focusing on the challenges surrounding non-payment of claims and non-disclosure. Sonya explains the distinction between advice-related issues and product failures, and how these factors influence the adjudication process. Listeners will hear case studies, including an example of a driver who lost his eyesight and faced rejection of his claim due to the insurer's interpretation of disability. Sonya explains the Ombud's role in evaluating the fairness of such decisions, emphasising the importance of understanding the terms and conditions of insurance policies. The conversation also addresses the often-overlooked nuances of funeral policies and why you cannot take out funeral cover on someone who is not directly related to you. They also discuss the potential for fraud in the industry.  Join Maya and Sonya as they navigate the challenges faced by consumers in the long-term insurance landscape, reinforcing the message that the Ombud service is a free and accessible resource for those seeking resolution in their insurance disputes. Remember, understanding your rights and responsibilities is key to ensuring fair treatment in the financial services sector. If you feel let down by a financial provider, contact one of these Ombud schemes: - FAIS Ombud for financial advice disputes – faisombud.co.za - Office of the Pension Funds Adjudicator (OPFA) for pension fund related disputes – pfa.org.za - JSE Ombud: JSE-related issues – jse.co.za - National Financial Ombud Scheme (NFO) for banking, credit, and insurance – nfosa.co.za This series was created in partnership with The Ombud Council.

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