In line with expectations that debt repayment would be a key reason for requesting Two-Pot withdrawals, one of the two main reasons claimants gave for needing extra cash was to settle short-term debt. The other was to cover home or car expenses. That's according to the Discovery Corporate and Employee Benefits’ pension and provident fund business. T
Today, the President signed the Pension Funds Amendment Bill into law, following his signing of the Revenue Laws Amendment Bill last month on 1 June 2024. This means that all prerequisites for SA’s new Two-Pot retirement system to take effect from 1 September 2024 have successfully been concluded. Visit https://www.discovery.co.za/business/two-pot-retirement-portal - a Two-Pot info hub for more
With July being national savings month in South Africa it’s worth remembering that beyond providing access to retirement savings in cases of emergency, the long-term intention of Two-Pot is to improve the country’s retirement outcomes by keeping South Africans in work and saving more, for longer.
With the President signing the Revenue Laws Amendment Bill into law on 1 June 2024, this means the signing of the Pension Funds Amendment Bill is imminent, and the Two-Pot retirement system is confirmed to roll out as proposed on 1 September 2024.