BL Premium reports that Institute of Retirement Funds Africa (Irfa) president Geraldine Fowler said on Wednesday that the retirement industry was progressing very well in getting itself ready for the introduction of the two- pot retirement system on 1 September.
During parliamentary hearings, the industry had expressed concern about the short period of time it had been given to prepare for the introduction of the system after the promulgation of the laws. The Revenue Laws Amendment Bill, which provides for the system, was only signed into law by President Cyril Ramaphosa on 1 June. “I believe we are succeeding in getting ourselves ready,” Fowler said at a media briefing. Irfa represents about 60% (925) of the 1,541 registered retirement funds (as at July 2023 and excluding public sector funds) with assets under their management of about R2.4-trillion, or 76% of total industry assets. “Everyone is nervous, everyone is scared: September 1 is looming, it is upon us. However, I can with certainty say that in all my many years in the industry, I have never seen role players, an ecosystem come together as I have seen with the two-pot system,” Fowler assured. She conceded that there would inevitably be hiccups but said the industry was fully committed to the project. Fowler added that the industry had not seen a significant number of resignations in order to access the full amount in a retirement fund ahead of the introduction of the two-pot system.
- Read the full original of the report in the above regard by Linda Ensor at BusinessLive (subscriber access only)
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