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

The Revenue Laws Amendment Bill [B39-2023], which allows for pre-retirement access to retirement fund savings, has been adopted by Parliament’s National Council of Provinces (NCOP), and has been sent to the office of the President for enactment.

The Parliamentary process has therefore been completed and the enactment of the legislation is awaited.

The implementation date for the legislation remains 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.