National Treasury proposed that the new Two-Pot retirement system be implemented on 1 March 2024. It will only apply to retirement savings contributed from 1 March 2024 onwards.

Why the need for a new retirement system?

According to Treasury, consumers were left in dire financial situations during the COVID-19 pandemic. Under the current rules investors cannot access retirement funds in the event of a financial emergency and for this reason Treasury is amending the current regime to facilitate withdrawals subject to specific rules.

Read more about it here in our Monthly Newsletter :

Monthly Market & Fund Update

Summary  – October ’23