South African lawmakers pass Pension Funds Amendment Bill, enabling retirement savers to withdraw up to a third of their funds pre-retirement.
South African lawmakers have backed a bill to reform the country's pension laws, allowing members to withdraw up to a third of their savings before retirement. The Pension Funds Amendment Bill, which will be implemented from September, requires funds to be divided into three components or "pots", split between savings, retirement and a vested portion. The bill also allows members to transfer or withdraw savings if they change or lose their job. Fund members can choose if they want to opt into the new system.
March 27, 2024
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