Retirement Fund Savings

Update on Pre-Retirement Access to Retirement Fund Savings

The President has signed the Revenue Laws Amendment Act 12 of 2024 into law on 1 June 2024.

The Act allows for pre-retirement access to retirement fund savings, and comes into effect on date of publication i.e. 4 June 2024.

However, the signed Act confirms that the implementation date for the two-pot system 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.