Treasury's plan for retirement funds is a go, though existing fund members won’t get the same savings pot kicker as new members, writes SimonPB.
The idea was first raised during the pandemic as a way to help those who saw their income reduced or even disappear completely. The idea is to allow limited access to our retirement savings. It has taken a lot longer than initially planned but the system as proposed looks really good.What will now happen with all retirement savings after March next year is that monies invested will be split into two pots.
Those with existing retirement plans will need to convert to this new system. Your savings pot will be seeded from existing retirement funds you’ve saved, though only 10% of your retirement funds will be in the savings pot.So if you have R130,000 in retirement savings you can draw R13,000. But if you have R1,300,000 you can take out only R25,000.Another key point is that the tax benefits of retirement funds remain as is; namely, that contributions are tax deductible with either R350,000 or 27.
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