Fin24 reports that retirement fund administrators will soon be able to officially implement the new two-pot system for their members after the National Assembly passed the Pension Fund Amendment Bill (PFAB) with amendments on Thursday.

The passing of the PFAB, which allows for the necessary amendments of retirement rules, only requires President Cyril Ramaphosa's assent before it becomes law. Meanwhile, the Revenue Laws Amendment Bill (RLAB), which officially introduces the retirement system, also requires Ramaphosa's assent after it was passed by the National Council of Provinces earlier this year. The implementation date for the two-pot system is 1 September this year. A majority of parties, including the ANC, DA and EFF, supported the passing of the Bill. With the introduction of the system, members' retirement fund contributions will be divided into a savings component and a retirement component. After the system is introduced, members will be able to withdraw 10% of their savings, or a maximum of R30 000, from their savings component. A minimum amount of R2,000 will be necessary in the savings pot for members to be eligible for withdrawal of funds.

• Read the full original of the report in the above regard by Na'ilah Ebrahim at Fin24

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