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Policy Switch Would See Retirement Savings Treble

SOUTH AFRICA
  • Outside of the ANC policy conference, News24 report that the Treasury has published new legislation that would establish a two-pot retirement system - allowing South Africans to access one-third of their retirement savings throughout their career, while two-thirds will only become accessible on retirement.
  • The new legislation would prevent workers from resigning to access their retirement funds, and would mean that a member of a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund will be able to make one withdrawal in any 12-month period – but that withdrawal may not be less than R2 000.
  • The changes are estimated to see retirement savings tripling under a two-pot system.
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