Dear in-service member,
EPPF has been closely monitoring developments with the two-pot retirement system. Now that the proposed implementation date has been moved back from 1 March 2024 to 1 March 2025, we’re busy with our processes so we can be ready to serve you as soon as Parliament gives the legislation the go ahead.
What remains unchanged is that the aim of the two-pot retirement system is to allow in-service members early access to a portion of their retirement benefits while still in employment. The 2023 Draft Revenue Laws Amendment Bill as well as the 2023 Draft Revenue Administration and Pension Laws Amendment Bill include the following two main aims of the proposed two-pot retirement system:
- To allow you, as an in-service member, to access a portion of your retirement benefits while still employed; and
- To help you preserve the greater amount of your retirement benefits, so you have a monthly pension to support you once you retire.
We’re studying the updated version of the draft laws that contain changes that have been proposed by National Treasury and the South African Revenue Service.
We’ll keep you updated every step of the way.
There’s no action required from you at this stage.
The EPPF team