28 August 2024
We have been preparing for the implementation of the two-pot retirement system with the intention of creating minimal operational impact. The implementation has some practical implications which we would like to bring to your attention.
Creation of and seeding timeline
The first step in the seeding process is to create a new from the . This process will start on Sunday 1 September, and if the was funded by a money market fund you will be able to view the value online from 3 September. For all other seeding sources such as. unit trust funds, the value will display from 6 September.
Please note: where transactions are in progress on the , the seeding will commence once the transactions are finalised.
Glacier’s transactional web and online instructions
Our transactional web will be unavailable from 17:00 on Friday 30 August until 13:00 on Saturday 31 August. After that, the web will be available for both viewing and transacting. You will not be prevented from doing a switch while the seeding is in progress, but the transaction will be delayed until after the seeding is completed.
Please note that you will not be able to calculate the EAC (effective annual cost) on a product group level until 5 September. Regulation 28 predictions and percentages will also only display correctly after this date.
Withdrawals from the
A withdrawal form will also be made available on 30 August under the Forms and Brochures menu on the intermediary web. Please note that we have created a new form called Make a Withdrawal: Savings component, specifically for pre-retirement withdrawals. Separate forms are available for retirement and withdrawals from retirement funds.
We have added additional resources to our teams to prevent any delays in processing withdrawals. We are, however, dependent on SARS for providing the required tax directives and any delays on SARS’s side will impact the payment of withdrawal instructions.
Withdrawals can only be processed once the seeding to the has completed.
Pipeline business
Forms and instructions submitted prior to 1 September 2024 will be handled on a case-by-case basis and may result in additional requirements to ensure compliance.
Transfers to and from other companies
It is possible that freeze periods or other administrative arrangements at transferring companies may impact the completion of instructions. Glacier will inform you, should there be delays in the processing of any new instructions received or transactions in progress.
Communication to members
An additional communication to confirm the value of the will be sent to all members from the week of 9 September. Intermediaries will be notified of the communication and will be able to view the values online.
