FIMA’s Zamuee reacts to South Africa’s new retirement system

South Africa’s new two-pot retirement system is now officially operational, with administrators anticipating a significant influx of withdrawal requests from pension fund members. Dr. Manfred Zamuee, Chairperson of the Financial Institutions and Markets Act Technical Advisory Committee, has responded to the development, highlighting its implications.

Public suggestions have also emerged advocating for Namibia to adopt a similar two-pot retirement system. Dr. Zamuee said that these suggestions, alongside other proposals and independent research findings, will be integral to the Technical Advisory Committee’s discussions.

Sanlam South Africa’s Johan Prinsloo stressed that this savings pot is a safety net, not a primary income source.