Retirement Insights | 1 min read

An update on the two-pot retirement system

9 March 2023

During the Budget Speech on 22 February, a brief update was provided on the progress of the two-pot retirement system.  With an effective date of 1 March 2024, we will be hearing, eating and sleeping two-pot system during 2023.

The purpose of this huge change is to enable the avoidance of financial hardship, provide a way to save and grow capital for the purpose of emergency savings and better retirement savings preservation, all using what is arguably the biggest source of wealth for most South Africans, their retirement savings fund.

All retail and occupational retirement funds must facilitate these reforms by 1 March 2024.

We have updated the summary shared in October 2022 with the comments made during the Budget Speech.

Glacier Financial Solutions (Pty) Ltd is a licensed financial services provider.
Sanlam Life is a Licensed Life Insurer, Financial Services and Registered Credit Provider (NCRCP43).

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