Introducing the two-pot system for retirement funds

Important new changes for retirement funds from 1 September 2024

These changes are called the two-pot system.

You have always had one pot of money for your retirement savings – this will be called your ‘vested pot’ in the future. This includes all the money you’ve saved for retirement up to 31 August 2024. Your vested pot will be closed, so you won’t be able to contribute to this pot any more.

The good news is that the money you’ve saved in your vested pot will be invested and will keep growing with investment returns until you leave your employer or retire.

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From 1 September 2024 all the monthly amounts that you save in your retirement fund will be split into two pots.

  • One-third will go into a new savings pot and two-thirds into a new retirement pot.
  • For example, every R3 you save for retirement will split so that R1 goes into your savings pot and R2 goes into your retirement pot.

The latest proposed rules will allow you to withdraw some cash from your savings pot without leaving your job or retiring. However, you won’t be able to withdraw cash from your retirement pot because it must be used to set up an income when you retire. These rules aim to help you balance the financial needs you have today with the financial needs you’ll have in the future when you retire.

How will the two-pot system work?

Watch these videos one after the other for an overview:

Your financial future matters to us, and we want you to be in control

Even though the two-pot system will allow you to withdraw some cash, we recommend that you keep all your retirement savings invested for retirement where possible. This will give you the best chance of having enough money to live on one day when you stop working.

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