JOHANNESBURG - The two-pot system came into effect on Sunday and the interest that people have in accessing their cash was highlighted by queues outside institutions on Tuesday.
The withdrawals may take some time, however, when they come, one bank is suggesting there could be an injection of up to R80-billion into the economy.
The two-pot system means that all future savings will be placed into a retirement pot that cannot be accessed until retirement and a savings pot, representing one-third, that can be accessed.
10% of people’s existing retirement savings to a maximum of R30,000 have been placed into the savings pot already.
Principal Consultant at Old Mutual Corporate Consultants, Nceba Pupuma and Samukelo Zwane, Head of product from FNB wealth and investments. discussed potential dangers to the system with eNCA.