Pre-Retirement Access to Retirement Fund Savings: Finalisation of Implementation Date – 1 September 2024

It was previously reported that Parliament’s standing committee on Finance determined that the two-pot retirement system must be implemented on 1 March 2024.

The Minister of Finance was however given 14-days to make representations regarding the implementation date.

Following the Finance Minister’s representations, the standing committee decided as a compromise, to move the implementation date to 1 September 2024.

This concludes the standing committee’s process.

The next step is for the legislation (the Pension Funds Amendment Bill) to be tabled in Parliament’s National Assembly for adoption, and this will be done on Wednesday 6 December 2023.

Members will be notified of further developments.