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Two-pot update with
Redwaan Zoutenberg
Redwaan Zoutenberg, Technical Marketing Specialist at FundsAtWork, breaks down how much will go into your savings and retirement component in the two-pot system.
What is the two-pot
retirement system?
The two-pot system is set to change retirement planning. Despite its name, the system comprises 3 components. Starting 1 September 2024, your retirement savings will be divided into a vested, savings, and retirement component.
Why is the government
doing this?
The government has established the savings component to facilitate access to some of your retirement savings in a financial emergency.
How much money can you withdraw and what are the implications?
The minimum withdrawal amount from the savings component is R2 000, and such withdrawals are subject to applicable taxes and administrative fees.
How should you view your 3 retirement components?
The 3 pots are considered a single retirement plan because any withdrawal from one pot reduces your overall retirement savings.
How the two-pot retirement system will work through examples
Practical examples of how retirement savings are allocated among the components.
Understanding the two-pot retirement system
An explainer video detailing the two-pot retirement system and its implications for members.
Animated videos
Interviews
Listen to Hugh Hacking explain the awaited two-pot system's implications on funds and members in SAfm's Weekend View.
Listen to Elana Van Der Berg on Moneyweb explain the two-pot system's implications on members of retirement funds.
Listen to Shameer Chothia on SMILE FM as he unpacks the fine print of the Two-pot system.
