South Africa’s retirement landscape has undergone a significant change with the introduction of the new two-pot retirement system. Signed into law by President Cyril Ramaphosa, the legislation gives qualifying retirement fund members greater flexibility by allowing limited access to a portion of their retirement savings without having to resign from their employment. At the same time, the system is designed to protect long-term financial security by ensuring that the majority of retirement contributions remain preserved until retirement. But what does the two-pot system mean in practice, and how does it affect the way South Africans can access and manage their retirement savings?
Find out more https://www.sowetanlive.co.za/news/south-africa/2024-07-21-president-cyril-ramaphosa-signs-two-pot-retirement-bill