Two-pot retirement system | Kieswetter: SARS will deduct tax if you owe it

JOHANNESBURG - SARS Commissioner Edward Kieswetter says the taxman will deduct money automatically if it's owed before someone applies for a two-pot retirement payout.

The “two-pot” system will allow employed South Africans to access a portion of their pension, from 1 September.

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"If you owe SARS any money, that amount will be deducted," he said.

Meanwhile, concerned institutions are warning employees to tread with caution when trying to access their pensions.