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

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 […]

September 2, 2024 57

Africa

South Africans uncertain about two-pot retirement system

The two-pot retirement system comes into effect on 1 September 2024 in South Africa. It allows people to withdraw a portion of their retirement funds before reaching retirement age. The rest will be preserved to sustain them post-retirement. However, many South Africans remain concerned as to how it will work and its impact. We asked Local Pension Fund Expert Arthur Kröhnert for his opinion on the matter.

April 23, 2024 34

Business / Economics

South Africa’s two-pot retirement system faces early implementation amid industry concerns

South Africa’s Parliamentary Standing Committee on Finance has recommended that the so-called two-pot retirement system should be implemented on 1 March 2024, instead of March 2025. According to MoneyWeb, SA’s retirement industry has been caught off guard by the decision with financial service providers expressing concern about system readiness, and arguing that both the South African Revenue Service and the retirement industry need until 2025 to adapt to proposed changes […]

November 22, 2023 6