Retirement Fund Member Information  

Introducing Tumi Potts - Watch Tutorial one, two, three and four.
Please visit this page regularly for news and summaries.

Welcome to the Glacier Retirement Fund Member hub where you will find all the available information on the latest retirement reform change (the Two-Pot System) that becomes effective on 1 September 2024. This page is aimed at providing you with generic information only - all collateral featured on this page will be updated with the latest detail as they develop.

Please visit our client portal for specific information about your personal retirement savings portfolio.

Introducing Tumi Potts

Tumi Potts, your Two-Pot Retirement Tutor will help you to understand how the new laws that will come into effect on 1 September 2024, will affect your retirement savings.

Tumi Potts: Tutorial One - What are your retirement options under the Two-Pot Retirement System?
Tumi Potts: Tutorial Two - What are the rules and consequences of accessing your retirement savings before you retire?
Tumi Potts: Tutorial Three - What’s compound interest and how does it relate to your retirement savings?
Tumi Potts: Tutorial Four - Who is included to participate in theTwo-Pot Retirement System?

SABC NEWS campaign recordings

Click on the links below to watch the recordings with Glacier by Sanlam Chief Executive, Khanyi Nzukuma.

A look at how the Two Pot system will affect workers with Khanyi Nzukuma | SABC NEWS - 01 September 2024
Special focus on Two Pot Retirement System tax implications | SABC NEWS - 27 August 2024
Two Pot Pension System | Risks and advantages | SABC NEWS - 26 August 2024
Two Pot System, to withdraw or not to withdraw | SABC NEWS - 26 August 2024

Retirement Reform Overview

To ensure that retirement fund members save enough for retirement and that their savings are protected, government has been reviewing and changing the laws that control the retirement fund industry over the last few years.

What is the two-pot retirement system? The latest retirement reform change proposed by government is the introduction of the two-pot retirement system which will give rise to a massive change in the retirement landscape. The new two-pot retirement system aims to address the need for greater preservation of retirement savings whilst also providing members with limited access to a portion of these savings, before retirement, in cases of emergency.

Watch video

Retirement concerns in South Africa

National Treasury explains that the dilemma with the current retirement regime is that individuals are able to make full withdrawals from their pension or provident fund when they cease employment, and once-off withdrawals from their preservation fund(s). These withdrawals are leaving South Africans high and dry when it comes to capital to provide an income during retirement, causing financial distress and hardship.

In 2021 already, the Sanlam Benchmark Survey indicated that about 75% of South African retirees were reliant on state old age grants as their main income source during their golden years.

There has been a specific focus in legislation during the 2000s to protect retirement fund members from themselves in order to better secure a sustainable income during their retirement years. This strategy is known as the Retirement Reforms in South Africa, and the most recently taken step in this strategy is the Two-Pot Retirement System.

Saving for retirement

Any withdrawal from retirement savings prior to retirement will certainly have a detrimental impact on your retirement, as you will have less capital with which to purchase an income. And the loss in value should not just be measured by the withdrawn amount. Savings in retirement funds are protected from creditors, have tax benefits and are not estate dutiable in the event of death before retirement. These benefits, along with the power that compounded interest growth gives to future income, go a long way to ensuring financial security in retirement. There is very little chance of recovering from such a withdrawal in monetary terms, and it is of the utmost importance to not make this decision lightly and certainly not without the professional advice of a financial adviser.

Retirement reform insights

The latest retirement reform insights on Glacier Insights.

Retirement Reform Page
Tax on withdrawals from the savings component - Infographic PDF
MoneyMarketing Two-Pot Guide PDF sponsored by Glacier by Sanlam
The practical side of paying tax on a savings withdrawal benefit PDF
Two-pot retirement system - withdrawals from retirement savings PDF
SARS Two Pot Tax Savvy Digital Channel Matrix - Infographic PDF
What will retirement look like from 1 September 2024 - Infographic PDF
Provident fund members 55 and older on 1 March 2021 - Infographic PDF
Transfers allowed - Infographic PDF
Access to Retirement Savings - 1 May 2024
An overview video - 26 February 2024
Two-pot retirement system: Overview PDF
Access to Retirement Savings - 1 September 2024 PDF
The two-pot retirement system - Interactive PDF
What you should know about the two-pot retirement system - Flash Fact PDF
Is the new system applicable to defined benefit funds?
What to know about the two-pot system when you resign from your retirement fund at work - 23 January 2024
Department of the National Treasury Two-Pot System FAQ 2024

Retirement reform communication

Two-Pot client communication number two (Afrikaans) - 23 August 2024
Two-Pot client communication number two (English) - 23 August 2024
Funding your Savings Component in the two-pot system - Non-Discretionary mandate (Afrikaans) - 16 August 2024
Funding your Savings Component in the two-pot system - Non-Discretionary mandate (English) - 16 August 2024
Funding your Savings Component in the two-pot system - Discretionary mandate (Afrikaans) - 13 August 2024
Funding your Savings Component in the two-pot system - Discretionary mandate (English) - 13 August 2024
Option form to participate in the two-pot system (Afrikaans) - 23 July 2024
Optional participation for members 55 or older on 1 March 2021 (Afrikaans) - 23 July 2024
Option form to participate in the two-pot system (English) - 23 July 2024
Optional participation for members 55 or older on 1 March 2021 (English) - 23 July 2024
Two-Pot client communication (Afrikaans) - 30 May 2024
Two-Pot client communication (English) - 30 May 2024

Retirement reform in the media

Retirement reform articles featured in the media.

Tax Implications of Withdrawing from Two-Pot Retirement System - 30 August 2024
Managing defined-benefit member PDF - 11 September 2024
GEPF Two Pot Retirement System Claim process
GEPF Two Pot Retirement System and its implications - Webinar Video - 26 July 2024
GEPF Two Pot Retirement System - Video - 3 July 2024
GEPF Two Pot Retirement System - Brochure PDF - 18 June 2024
GEPF Two Pot Retirement System - Frequently Asked Questions
National Treasury MEDIA STATEMENT - Proposed Amendments to Public Sector Pension laws PDF - 11 March 2024
Overview on the Two Pot Retirement System in the GEPF context. www.gepf.co.za - 26 January 2024
How bizarre: three pots in a two-pot system. FA News - 26 June 2022
Two-pot retirement system: Who will be the winners and the losers? Moonstone - 8 June 2023

A message from the retirement fund Chief Principal Officer
A message from the Board of Trustees of our retirement funds
A message from the Head of Client Services

Explore our retirement savings solutions

Additional reading material about retirement savings

Affording the life you want after your last pay cheque
10 Considerations before putting together your retirement plan
The best investment opportunities in your 20s and 30s
Access a wider range of investment choices in an employer retirement fund
What to know about preservation funds and why you may need one
Saving tips for you no matter your age
Saving for retirement requires a positive mindset
Q&A – Retirement lifestyle costs
Five bad attitudes that prevent you from saving

2023 Content archive

Two-pot retirement system: More on what it is about PDF
What we know about Two-Pot Retirement System - PDF
The two-pot retirement system is a few steps closer to becoming a reality in 2024
An update on the proposed two-pot retirement system
The South African retirement landscape: Hoping that reconstruction will lead to rehabilitation
Accessing retirement savings prior to retirement – a good idea?

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