Retirement fund members will be able to make on one withdrawal per year of more than R2 000, according to proposed new legislation that will establish a two-pot retirement system. | Fin24
After many years of consultations, Treasury has finally published proposed new legislation that will establish a two-pot retirement system in South Africa.
The reform is meant to prevent South Africans from cashing out their retirement savings when they resign. "These amendments aim to encourage members to preserve their retirement savings by making it more flexible to accommodate unforeseen pressures that members face during the span of their working life."
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