The Institute of Retirement Funds Africa has joined companies in the pension fund industry to welcome the president signing one of the bills required to establish the two-pot retirement system into law.
Fowler and Hiller van Rensburg assure members of retirement funds and the sector as a whole that, in line with its mandate, the IRFA will continue to share important information to support all stakeholders in effectively implementing and realising the beneficial potential of the two-pot retirement system.
For example, she says, if you contribute R300, R100 will go to emergency savings and R200 to the retirement pot. You will then be allowed one annual withdrawal from the emergency savings, subject to a prescribed minimums of R2 000. The initial seeding calculations, which are based on the market value of each person’s existing retirement savings at the end of August 2024, will determine how much goes into each pot.
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