Treasury to proceed with retirement fund reforms - Business Day Live 04 August 2015 The draft bill would harmonise the treatment of all retirement funds with regard to the requirement to purchase an annuity. The reforms also provide for consistent tax treatment for contributions to all retirement funds, with a uniform deductible contribution of 27.5% of taxable income or remuneration. In the interests of tax equity, the benefits for upper-income earners would be limited to an annual deduction of R350,000.