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.