South Africa advances two-pot retirement system with Pension Funds Amendment Bill and Revenue Laws Amendment Bill, despite concerns.
South Africa's government and pension fund industry are pushing ahead with the implementation of a two-pot retirement system, despite concerns over delays and consumer understanding. The system divides contributions into a retirement pot (two-thirds) that can only be accessed upon retirement, and a savings pot (one-third) that can be accessed prior to retirement for financial emergencies. The Pension Funds Amendment Bill and Revenue Laws Amendment Bill are being fast-tracked to implement the system by September.
March 12, 2024
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