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BusinessLive reports that President Cyril Ramaphosa has signed into law the Pension Funds Amendment Bill, which is key for the implementation of the two-pot retirement system that will take effect on 1 September.
The signature into law of the bill gives legal certainty to the retirement industry, which has been implementing the necessary changes. The new system will provide members of retirement funds with the ability to access part of their retirement savings without having to resign or cash out their pension funds. The new law complements the Revenue Laws Amendment Act that was signed by Ramaphosa in June. The Pension Funds Amendment Act amends the Pension Funds Act, the Post and Telecommunications-Related Matters Act, the Transnet Pension Fund Act and the Government Employees Pension Law. “The act requires pension funds to amend their rules, adjust their investment portfolios and prepare administrative systems for pension fund members to apply to access portions of their pension funds from 1 September 2024,” the Presidency advised in a statement. Retirement funds will not be able to allow the withdrawal of funds unless their rule amendments have been registered. Cosatu acting national spokesperson and parliamentary co-ordinator Matthew Parks welcomed the move and commented: “The pension laws were excessively inflexible, only allowing workers access to their pension funds upon retirement, losing their job or resignation. Consequently, many workers resign to cash out their entire pension funds leaving them unemployed and with no savings left.”
- Read the full original of the report in the above regard by Linda Ensor at BusinessLive
- Lees ook, Ramaphosa bekragtig Pensioenwet met tweepotstelsel, by Maroela Media
Get other news reports at the SA Labour News home page