insert_link South Africa South Africa is changing its retirement rules to help boost country savings: how it will work By Adrian Saville, University of Pretoria A study of 160 countries, spanning 60 years of economic history, establishes that there is no country that has been able to transition from “poor to prosperous” without a high savings rate. And that households - in other words you and me - are one of the most important contributors to a country’s overall level of savings rate. Yet, […] todayJuly 29, 2024 16
insert_link South Africa In S.A, Alexforbes Clarifies Two-Pot Retirement System Applicability and Implications In South Africa, Alexforbes has clarified that not all retirement funds will be applicable under the two-pot system. Pension companies are providing more information on the process, with John Anderson from Alexforbes explaining the financial implications and conditions for withdrawing from the savings pot. Anderson highlights that the two-pot system is designed to balance long-term retirement savings with addressing immediate short-term financial needs. todayJuly 12, 2024 19
insert_link 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. todayApril 23, 2024 27
insert_link 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 […] todayNovember 22, 2023 6
