Race against time for ‘two-pot’ pensions
The long-awaited ‘two-pot’ retirement system is set to kick in on March 1. It’s welcome news, but will the implementing agents be ready for the change?
The government has finally set out the rules for “two-pot” retirement reform — its plan to force South Africans to preserve their life savings until they stop working. But the March 1 2024 implementation date looks distinctly overambitious for implementing agents.
The draft legislation, published by the National Treasury on Friday and open for public comments until July 15, proposes that one-third of fund members’ contributions after March 1 2024 be allocated to a “savings” pot from which withdrawals may be made once a year; the balance will go into a “retirement” pot...
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