{"id":34571,"date":"2022-07-31T20:09:12","date_gmt":"2022-07-31T20:09:12","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/one-withdrawal-per-year-allowed-from-your-pension-savings-under-new-two-pot-retirement-rules"},"modified":"2022-07-31T20:19:24","modified_gmt":"2022-07-31T20:19:24","slug":"one-withdrawal-per-year-allowed-from-your-pension-savings-under-new-two-pot-retirement-rules","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/one-withdrawal-per-year-allowed-from-your-pension-savings-under-new-two-pot-retirement-rules","title":{"rendered":"One withdrawal per year allowed from your pension savings, under new ‘two-pot’ retirement rules"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>After many years of consultations, Treasury has finally published proposed new legislation that will establish a two-pot retirement system in South Africa.<\/p>\n

South Africans will be able to access one-third of their retirement savings throughout their career, while two-thirds will only become accessible on retirement.<\/p>\n

The reform is meant to prevent South Africans from cashing out their retirement savings when they resign.<\/p>\n

\u201cThe amendments enable South Africans to also save for non-retirement purposes (e.g. emergencies) via their retirement funds, whilst preserving more of their savings for retirement,\u201d Treasury said in a statement. \u201cThese amendments aim to encourage members to preserve their retirement savings by making it more flexible to accommodate unforeseen pressures that members face during the span of their working life.\u201d<\/p>\n

Treasury said the new legislation will also prevent workers from resigning to access their retirement funds.<\/p>\n

The new proposal will 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 \u2013 but that withdrawal may not be less than R2 000.<\/p>\n

The legislation notes March 1, 2023 as a starting date for the new regulations.<\/p>\n

Interested parties have until August 29 to submit comments to Treasury.<\/p>\n

The Actuarial Society of South Africa recently estimated that a two-pot system would triple retirement savings in South Africa.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. After many years of consultations, Treasury has finally published proposed new legislation that will establish a two-pot retirement system in South Africa. South Africans will be able to access one-third of their retirement savings throughout their career, while two-thirds will only become accessible on retirement. The reform is meant to prevent South […]<\/p>\n","protected":false},"author":84,"featured_media":34570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12],"tags":[274,315,2892,1314,275],"class_list":["post-34571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-pension-fund","tag-retirement","tag-south-africa-2"],"yoast_head":"\nOne withdrawal per year allowed from your pension savings, under new 'two-pot' retirement rules - South Africa<\/title>\n<meta name=\"description\" content=\"After many years of consultations, Treasury has finally published proposed new legislation that will establish a two-pot ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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