The Pension Funds Amendment Bill is now law, but another piece of legislation still needs to be signed before the two-pot system can go live.
President Cyril Ramaphosa has signed the Pension Funds Amendment Bill into law, allowing the implementation of the Two-Pot retirement system.The savings pot will hold one-third of all retirement savings and will be accessible before retirement age.
The new retirement system aims to allow members to access liquidity during emergencies, such as the Covid-19 pandemic. “There is a misconception that funds must have created the pots before 1 September, which is incorrect. The law comes into effect on 1 September, after which funds can start implementing the pots and seeding them,” said Michelle Acton, Retirement Reform Executive at Old Mutual.
“Seeding calculations can only be conducted after the end of August, using the values from that month. The legislation allows for setting calculations after implementation, not necessarily on that date,” said Acton. “It is also important to note that only members who have more than R2,000 in their savings pot in September will be able to claim.”
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