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