Salt River, Cape Town  15 October 2024

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two-pot system

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A comprehensive overview of South Africa’s Two Pot Retirement System

By Vusuthando Percyvil Dube Effective from September 1, 2024, the Two Pot Retirement System represents a transformative shift in South Africa’s retirement savings paradigm. This system aims to provide a financial safety net during times of crisis while also promoting long-term savings for retirement. This article delves into the depth of this system, including the structure of its components, eligibility criteria, and a detailed example to illustrate its workings.  According […]

today2 September 2024

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Early withdrawals of pension funds are subject to tax

Finance minister Enoch Godongwana has warned against hasty withdrawals of pension funds as part of the two-pot retirement system, which comes into effect on the first of September. The system allows retirement fund members to access savings without resigning or cashing out pension funds entirely. Godongwana said he is unfazed about those complaining about taxing the withdrawals. “I would not encourage anyone to access these funds. This is their future […]

today30 August 2024

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Financial experts warn against early withdrawal of retirement funds

By Lee-Yandra Paulsen Following President Cyril Ramaphosa's signing of the Pension Fund Amendment Bill into law, financial experts are urging citizens to avoid prematurely withdrawing their retirement funds. As economic pressures rise, the temptation to access these savings grows. Speaking to VOC Breakfast on Tuesday, Commsure Financial Solutions' Retirement Specialist, Patrick Odendal explained the two-pot system: “There is a lot of misunderstanding about the two-pot system. Essentially, from 1st September […]

today23 July 2024

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What you need to know about the ‘two-pot’ retirement system

Pension reforms reached another milestone this week as the National Council of Provinces (NCOP) adopted the latest changes to the Pension Funds Amendment Bill. This means South Africans could soon be able to tap into their retirement savings or pension funds while still employed. The amendments made to the bill by the National Assembly and NCOP ensure that government employees, Transnet, post, and telecommunications pension funds are included in the […]

today27 April 2024

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Two-pot retirement system: Independent Economic Analyst

By Lee-Yandra Paulsen National Treasury has called upon the public to review the draft legislation concerning the two-pot retirement system, providing an opportunity for individuals seeking access to their retirement or provident funds. During an interview with VOC Drive Time on Monday 12 June, Professor Bonke Dumisa, an Independent Economic Analyst, shed light on the matter. He explained that for over a decade, the labour component at the National Economic […]

today13 June 2023

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