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Moneyweb reports that pension fund members who are eager to access a portion of their retirement money on 1 September may have to wait a while longer, as the legislation that underpins the two-pot system is nowhere near complete.
Old Mutual group CEO Iain Williamson said on Wednesday at the group’s annual results briefing that there was a risk the implementation date “may slip”. Finance Minister Enoch Godongwana announced in his 2024 budget speech that 1 September 2024 was the official implementation date of the two-pot retirement system. Williamson noted that the implementation date was less than five months away and there were still “moving parts”. SA’s parliamentary term ends mid-May before the general election on 29 May. Although a new parliament could be appointed sometime in June, it will leave the new lawmakers with around three months to consider public comments, make another round of amendments, then vote and pass the legislation. Only then can the legislation be published and signed into law. In addition, the Government Employees Pension Law also needs amendment for the new system to be applicable in the public sector. Each draft law is in various phases of parliamentary processes but is nowhere near finalisation. Williamson said Old Mutual expected a “flurry of fund withdrawals” when the so-called two-pot retirement system was finally implemented.
- Read the full original of the report in the above regard by Liesl Peyper at Moneyweb
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