National Treasury proposes more changes to the two-pot retirement system
Delaying the implementation date and raising the seeding cap are among the announcements and clarifications.
#2023 Draft Revenue Laws Amendment Bill
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Two pots: MPs agree with Cosatu that R25 000 cap on seeding is too low
Retirement industry bodies plead for a later implementation date, but Cosatu says 1 March next year is a ‘red line’.
‘T-Day’ provident fund members ‘should have to opt in to two pots’
Organisations representing the retirement industry call attention to the ‘problematic’ provisions in the draft legislation for the two-pot retirement system.
Two pots: good news about tax on lump-sum withdrawals at retirement
National Treasury resolves the conflict between the draft legislation and the explanatory memorandum.
Cosatu wants a higher cap on transfers to fund members’ savings pots
It’s also hoping for concessions on access to the retirement pot when members are retrenched or dismissed.
Seeding will have a minimal impact on retirement funds’ liquidity, says Old Mutual
The updated legislation puts the retirement industry in a better position to be ready by 1 March 2024, it says.
This is how much you will be able to transfer to your savings pot on 1 March 2024
Retirement fund members who are expecting a big pay-out will be disappointed.
Latest proposals on how the two-pot retirement system will work
A guide to the features of the three components: savings, retirement, and vested.
Treasury wants to exclude these ‘legacy’ RA funds from the two-pot system
Plus: the proposals for defined-benefit funds, inter-fund transfers, section 37D deductions, and the taxation of contributions and growth.
