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SOUTH AFRICA: Pension Funds Pay Out $1.2bn Under Two-Pot System

SOUTH AFRICA
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  • South African pension funds have paid out ZAR 21.4bn ($1.2bn) since the two-pot pension system came into effect on September 1, the tax authority said in a statement cited by Bloomberg.
  • As a reminder, the two-pot system gives pension fund members early access to portions of their retirement savings without having to pay penalties, resign or cash out the full amount.
  • The SARB estimates that under a moderate-withdrawal scenario GDP growth will get a 0.1ppt boost this year, and a 0.3ppt boost under a high-withdrawal scenario.
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  • South African pension funds have paid out ZAR 21.4bn ($1.2bn) since the two-pot pension system came into effect on September 1, the tax authority said in a statement cited by Bloomberg.
  • As a reminder, the two-pot system gives pension fund members early access to portions of their retirement savings without having to pay penalties, resign or cash out the full amount.
  • The SARB estimates that under a moderate-withdrawal scenario GDP growth will get a 0.1ppt boost this year, and a 0.3ppt boost under a high-withdrawal scenario.