CATEGORIES
- (27)Agriculture, Land Reform & Rural Development
- (24)Auditors & Accountants
- (6)Broad-based Black Economic Empowerment
- (5)Built Environment
- (55)Communications & Digital Technologies
- (2)Company Law
- (2)Consumer Law
- (10)Courts
- (2)Criminal Law
- (1)Cybercrimes
- (2)Disaster Management
- (11)Education & Training
- (4)Electoral Law
- (90)Environmental Law
- (4)Family Law
- (132)Financial Sector
- (3)Fisheries & Aquaculture
- (5)General Interest
- (18)Health & Safety
- (22)Home Affairs
- (3)Housing
- (14)In the Spotlight
- (1)International Co-operation
- (73)Justice & Constitutional Development
- (50)Labour Law
- (16)Legal Practice Council
- (18)Local Government
- (23)Minerals & Energy
- (1)Monetary Policy
- (1)National Development Plan
- (16)National Treasury
- (63)New Legislation
- (12)Opportunities for Public Comment
- (6)POPIA
- (276)Parliament
- (1)Practice Management
- (4)Presidency
- (13)Property Law
- (8)Public Service
- (3)Retirement Reform
- (13)Road Accident Fund
- (21)Safety and Security
- (7)Small Business Development
- (21)Social Development
- (9)Sport, Arts & Culture
- (14)State Owned Enterprises
- (4)State of Disaster (energy)
- (18)Taxation
- (7)Tourism
- (61)Trade, Industry & Competition
- (34)Transport
- (15)Water & Sanitation
- Show All
‘TWO POT’ RETIRMENT SYSTEM: DRAFT LEGISLATION RELEASED FOR COMMENT
- 09 June 2023
- Retirement Reform
- SA Legal Academy
In anticipation of implementing the proposed two-pot retirement system on 1 March 2024, National Treasury has published two draft Bills with a memorandum on explaining the objectives of each one. The deadline for input has been set at 15 July 2023.
According to a media statement on what is envisaged, the process of preparing the two Bills was informed by public comments received on a draft Revenue Laws Amendment Bill published in July 2022. Among other things, they deal with:
- calculating the amount of seed capital available for withdrawal
- the equitable treatment of defined benefit funds, and
- the exemption of legacy retirement annuity fund policies from the proposed new system.
During the second phase of implementing the system, legislative amendments dealing with withdrawals from a fund’s retirement component in certain circumstances will be considered – along with complementary measures to ensure that the primary objective of saving for retirement is not compromised and the fund’s liquidity protected.
- draft Revenue Administration & Pension Laws Amendment Bill
- a memorandum on its objects
- draft Revenue Laws Amendment Bill
- its explanatory memorandum
- media statement
Published by SA Legal Academy Policy Watch