In this newsletter, we inform you about the latest developments regarding the proposed “Two-Pot” retirement system.

As you know, toward the end of October 2023, National Treasury proposed delaying the implementation date to 01 March 2025. However, following the Standing Committee of Finance (SCoF) meeting on 21 November 2023, the SCoF reportedly wanted to keep the effective date at 1 March 2024. Then, on 04 December 2023, Parliament’s Finance Committee reportedly reached a compromise by agreeing for the “Two-Pot” System to now be implemented starting 1 September 2024! So, where are we now with the implementation date? For now, the implementation date for the Two-Pot system is 01 September 2024.

Please be aware that the effective date can only be confirmed after the parliamentary process is concluded, and the draft bills signed into law, which will likely only be in 2024.