Pre-Retirement Access to Retirement Fund Savings – Adoption of the Revenue Laws Amendment Bill

The Revenue Laws Amendment Bill [B39-2023], which allows for pre-retirement access to retirement fund savings, by establishing the two-pot system, was adopted in Parliament’s National Assembly on 20 February 2024.

The Minister of Finance also confirmed, during the 2024 Budget speech, that the implementation date for the two-pot system is 1 September 2024.

Accordingly, retirement fund members will be able to withdraw 10% of their retirement savings, to a maximum of R 30 000.00, as from 1 September 2024.

The next step is for the Bill to be transferred to the National Council of Provinces (NCOP). Should the Bill be adopted in the NCOP, it will be sent to the office of the President for enactment.

Members will be notified of further developments.