retirement fundsThe amendment law introduces a ‘two-pot’ retirement system to address the concerns related to lack of preservation before retirement and lack of access to retirement funds by households in financial distress.The Two-Pot Retirement System enables you to access a small portion of your retirement savings for emergencies.
If you have a provident fund and you were over 55 years old on 1 March 2021 you can continue with the old system or adopt the new one.From 1 September 2024, your retirement contributions will be divided into two pots: A retirement pot, where the remaining two-thirds will be kept for funding your income in retirement. This pot will be preserved until the retirement date.
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