[SPONSORED] The two-pot system, which will soon limit South Africans' access to their retirement money to a fraction before retirement. OldMutualSA Find out who is eligible, how it functions, and how this may affect your retirement plan. Visit:
Contrary to global best practice, employees have been allowed to access their retirement savings when changing jobs with the result being that little would be left to build up a substantial savings portion over time and leading to inadequate income at the point of retirement.
The system aims to find the right balance to help members save for retirement while allowing some flexibility for short-term emergencies. Employees will have access to a third of their accessible pot in the case of emergencies, however, two thirds will be invested up until the date of retirement at which point it will be converted to an income.
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