How do the latest retirement reforms affect pension and provident funds?

From 1 March 2015, contributions to a provident fund (and returns thereon) will be treated in the same ways as pension fund contributions, ie the fund member must use that money to buy an annuity with at least two-thirds of the resulting balance. Provident fund balances at 1 March 2015 (and subsequent returns thereon) are excluded from this requirement, as are fund members who are 55 on 1 March 2015. If you are not 55 on that date, you will be affected, in that your contributions after 1 March 2015 (not your balance on that day) will be subject to annuitisation when you retire.