Frequently Asked Questions
Find answers to common questions.
What is the two-pot system?
The two-pot system allows members to access a portion of retirement savings while preserving the main retirement component for retirement.
When will the two-pot system take effect?
The two-pot system takes effect from 1 September 2024.
How much will be transferred to my savings pot?
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.
How much can I withdraw from my savings pot?
You can withdraw a minimum of R2,000 from your savings pot per tax year, provided sufficient funds are available.
Will I be taxed on my withdrawal?
Yes. Each withdrawal may be subject to income tax and administrative fees.
Which documents must be sent with my withdrawal document?
Please send a fully completed and signed withdrawal document, certified copy of ID, clear bank statement and valid tax reference number.
How long does it take for my Provident Fund to be paid after I left employment?
Provided there is no valid reason for delay, payment is generally between 6 and 8 weeks from final contributions and a fully completed withdrawal form being received.
