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News24 reports that the Government Employees Pension Fund (GEPF) has suspended all two-pot withdrawals for two weeks.
The suspension commenced on 7 October and the almost 1.3 million government employees will not be able to withdraw money from their savings pot until 22 October. “The pause is necessary to allow the fund to update its systems with the recently implemented actuarial factors to calculate members’ benefits,” according to a statement on the GEPF’s website. Apart from two-pot claims, all other GEPF payments and services will continue as normal.
The two-pot system was implemented on 1 September 2024 and allows members of pension funds and retirement annuities to withdraw up to a third of their contributions, which are kept in a “savings pot”. One withdrawal per tax year is allowed. Since the GEPF is a defined-benefit fund, calculating the available savings pot is determined partly by years of service. More than 90,000 government employees withdrew a total of R10.6 billion within two months when the system was implemented last year.
- Read the original of the short report in the above regard by Hanlie Nordejee at News24 (subscription / trial registration required)
Get other news reports at the SA LabourNews home page