Two-pot retirement system | Pension Funds Amendment Bill signed into law

JOHANNESBURG - The two-pot system has cleared another hurdle ahead of its implementation on the 1st of September.

President Cyril Ramaphosa has signed the Pension Funds Amendment Bill into law. 

The act mandates fund managers to make the necessary administrative preparations for the profound changes. 

From September 1st, funds will be split into the vested and the savings pot, two-thirds of funds will go to the retirement pot while one-third goes to the savings pot, and this is where fund members can make one withdrawal per year.