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Ten things you ought to know about SA’s planned two-pot system for retirement savings
- 23 September 2022
- Individuals Tax
- Joon Chong
On 29 July, National Treasury released the 2022 Draft Revenue Laws Amendment Bill for comment to introduce the "two-pot" system for retirement savings that was flagged in the National Budget.
The Draft Revenue Laws Amendment Bill will allow members of retirement funds to access up to one-third of their pensions savings once a year, in the event of an emergency, while preserving the other two-thirds for retirement.
This document lists the “top ten” aspects of the “two-pot system”, according to the draft legislation.
Webber Wentzel tax and pension experts will be watching this space closely and keep clients updated on related developments.
Source: Webber Wentzel
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