The Association for Savings and Investment South Africa (Asisa) has announced that it was positive that the two-pot system would be implemented on September 1.
President Cyril Ramaphosa signed the Pension Funds Amendment Bill into law last Sunday. This was the last piece of legislation required for the implementation of the two-pot system, after his signing of the Revenue Laws Amendment Bill on June 1, 2024.
This means that all prerequisites for SAs new two-pot retirement system to take effect from September 1, 2024, have successfully been concluded.
According to Parliament, it aims to provide flexibility for fund members to access their retirement savings during emergencies, without necessitating resignation.
Speaking during a media briefing earlier this week, Asisa CEO Adrian Burke said there were few people who understood the two-pot system and particularly the processes required for anybody who wanted to access their retirement savings.
