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Two-pot retirement system: President only signed one of two bills required

President Cyril Ramaphosa signed many other Bills, such as the NHI Bill and even the Cannabis for Private Purposes Bill before the election.

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The two pots have now reached boiling point, but, there are still pot-holes that require attention

Following extensive consultation and engagement, the Revenue Laws Amendment Bill, 2023 has been passed by both houses of Parliament and now awaits the President’s signature. The Pension Funds Amendment Bill, 2024 (PFAB) was passed by the National Assembly on 16 May 2024, and will be sent to the President for his assets. These Bills give effect to the establishment and the implementation of the two-pot retirement system that will come into effect on 1 September 2024.

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Two-pot system a signature away as Pension Fund Amendment Bill clears last hurdle

Two-pot system a signature away as Pension Fund Amendment Bill clears last hurdle
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NICOLETTE VAN VUUREN | Two-pot system will help stem job-hopping in hospitality

Allowing financially stretched fund members to withdraw a limited amount of money from their pension savings from what’s known as a savings pot, the two-pot system offers benefits to employees across a multitude of sectors.

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How the two-pot system will affect the hospitality industry

How the two-pot system will affect the hospitality industry
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