This after former finance minister Tito Mboweni said recently that the National Treasury was in talks to allow those who lost their income during the Covid-19 pandemic to make “limited” withdrawals from their retirement funds.
11 August 2021 - 14:53The Treasury has said there is still a long way to go with the process of allowing South Africans to be able to withdraw a portion of their retirement savings. Stock photo.
“It is expected that any changes to the law would only become effective next year at the earliest, and some of the medium-term provisions may take even longer to take effect. The government has been working on a more structured two-bucket system that will enable the restructuring of future contributions, the Treasury said.
“While these measures cover pension and provident funds, a harmonised approach on withdrawals is also being considered for retirement annuities.”
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