Effective Date
1 September 2024
Understanding the Two-Pot System
More flexibility. More control.
The two-pot system allows members to withdraw a portion of their retirement savings without needing to leave their job or retire.
10% Transfer
As of 31 August 2024, 10% of your total fund value will be transferred to your savings pot, up to a maximum of R30,000.
Minimum Withdrawal
You can withdraw a minimum of R2,000 from your savings pot per tax year, provided there are sufficient funds available.
Please note that each withdrawal will be subject to charges, including income tax and administrative fees.Why do we need the two-pot system?
These changes are needed because many members struggle financially before they retire and are also not saving enough for retirement. The two-pot system will help members keep their savings invested for retirement.
What happens to existing retirement savings?
Before 1 September 2024, your retirement savings are not affected by the new two-pot system. After 1 September 2024, a small amount of existing retirement savings will be moved to the new savings pot.
Need more information?
Visit our FAQ or contact our team for assistance.