{"id":62572,"date":"2024-03-11T18:03:05","date_gmt":"2024-03-11T18:03:05","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-step-for-south-africas-new-pension-system"},"modified":"2024-03-11T18:05:08","modified_gmt":"2024-03-11T18:05:08","slug":"big-step-for-south-africas-new-pension-system","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-step-for-south-africas-new-pension-system","title":{"rendered":"Big step for South Africa\u2019s new pension system"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The National Treasury has published proposed amendments to the legislation governing public sector pension funds, essential for launching the incoming two-pot retirement system.<\/p>\n

From 1 September 2024, all amounts saved into a retirement fund will be split into a savings and a retirement component (pot).<\/p>\n

One-third will automatically go into the savings account and be accessible before retirement.<\/p>\n

The remaining two-thirds will only be accessible at retirement and will be used to buy an annuity-providing product.<\/p>\n

A third vested component will hold most of the retirement savings until the two-pot system is launched and follows the current legislation.<\/p>\n

The initial amount in the savings component will be 10% of the amount saved in the vested component, up to a maximum of R30,000.<\/p>\n

To meet the upcoming deadline, which was moved several times by National Treasury and Parliamentary Standing Committee on Finance, the following public sector pension laws have been amended:<\/p>\n

Government Employees Pension Law, 1996 (Proclamation 21 of 1996)<\/p>\n

Post and Telecommunications-related Matters Act, 1958 (Act 44 of 1958)<\/p>\n

Transnet Pension Fund Act, 1990 (Act 62 of 1990)<\/p>\n

\u201cThe proposed amendments insert certain definitions to provide for the introduction of the savings withdrawal benefit; to provide for the appropriate account of a member\u2019s interest in the savings, retirement, and vested components and to provide for deductions that the funds may make.\u201d<\/p>\n

\u201cThe amendments to the public sector pension laws will be proposed for inclusion in the Pension Funds Amendment Bill [B3\u20142024], which is currently under consideration of the Standing Committee on Finance.\u201d<\/p>\n

\u201cParliamentary hearings on the Pension Funds Amendment Bill will be held on 12 March 2024, including these public sector pension laws amendments,\u201d said National Treasury.<\/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. The National Treasury has published proposed amendments to the legislation governing public sector pension funds, essential for launching the incoming two-pot retirement system. From 1 September 2024, all amounts saved into a retirement fund will be split into a savings and a retirement component (pot). One-third will automatically go into the savings […]<\/p>\n","protected":false},"author":84,"featured_media":62571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-62572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nBig step for South Africa\u2019s new pension system - South Africa<\/title>\n<meta name=\"description\" content=\"The National Treasury has published proposed amendments to the legislation governing public sector pension funds, essent ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-step-for-south-africas-new-pension-system\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big step for South Africa\u2019s new pension system\" \/>\n<meta property=\"og:description\" content=\"The National Treasury has published proposed amendments to the legislation governing public sector pension funds, essent ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-step-for-south-africas-new-pension-system\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-11T18:03:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-11T18:05:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/03\/sm_1710167646.669777.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-step-for-south-africas-new-pension-system#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-step-for-south-africas-new-pension-system\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Big step for South Africa\u2019s new pension system\",\"datePublished\":\"2024-03-11T18:03:05+00:00\",\"dateModified\":\"2024-03-11T18:05:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-step-for-south-africas-new-pension-system\"},\"wordCount\":285,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-step-for-south-africas-new-pension-system#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/03\/sm_1710167646.669777.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-step-for-south-africas-new-pension-system#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-step-for-south-africas-new-pension-system\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-step-for-south-africas-new-pension-system\",\"name\":\"Big step for South Africa\u2019s new pension system - 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