The two-pot pension system will go live in SA on September 1. Under the new regulations, a portion of one’s pension will become accessible on an annual basis without the need for resignation or retirement.
On the implementation date, pension contributions will be split with a third going into a savings pot, which is the pot that allows annual access, and two-thirds into another pot making it inaccessible until retirement. A third pot, which is the vested pot, will be created where any accrued pension savings will be transferred — with the existing scheme rules applying even after the two-pot system goes live. ..
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