The Financial Sector Conduct Authority FSCA is still waiting for more than 350 retirement funds to submit their respective rule amendments that will allow them to implement the two-pot retirement system.
This is according to Zareena Camroodien, head of fund governance and trustee conduct at the FSCA.
Speaking at a media briefing hosted by insurer Liberty, she said the FSCA must consider, approve, and register the amendments of every single fund before the respective fund is allowed to consider claims from their members who want to access money from their savings pots from September.
The much-talked-about two-pot system comes into effect at the beginning of September, allowing members of retirement funds access to one third of their pension while two thirds will be preserved for retirement.
The significant reforms have been preceded by extensive planning, including the design and implementation of new systems by pension fund administrators to enable a transition to the two-pot system.
