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TWO-POT RETIREMENT SYSTEM IN FORCE FROM 1 APRIL 2024?
- 23 March 2023
- Retirement Reform
- SA Legal Academy
According to Justice & Correctional Services Minister Ronald Lamola, the Revenue Laws Amendment Bill (yet to be tabled in Parliament) will be operational by the end of the 2023/24 financial year. The Minister made this announcement in an address on 23 March 2023 to delegates at the International Pension & Employee Benefits Lawyers Association conference in Cape Town.
Released in July 2022 in draft form for public comment, the proposed new piece of legislation seeks to introduce ‘key’ reforms including ‘moves towards a two-pot retirement system’. Once in force, the new system will ‘enable South Africans to also save for non- retirement purposes, whilst preserving more of their savings for retirement’.
- draft Bill
- Minister’s speech
- National Treasury media statement on the draft Bill
Published by SA Legal Academy Policy Watch