Johnathan Paoli
President Cyril Ramaphosa has signed into law, the Pensions Funds Amendment bill which seeks to amend pension-related legislation in order to enable the implementation of the recently legislated two-pot retirement system, geared towards bolstering retirement savings.
Spokesperson Vincent Magwenya, made the announcement on Sunday and said the new bill amends the Pension Funds Act of 1956, the Post and Telecommunications-Related Matters Act of 1958, the Transnet Pension Fund Act of 1990 and the Government Employees Pension law of 1996.
Magwenya said the act requires pension funds to amend their rules, adjust their investment portfolios and prepare administrative systems for pension fund members to apply to access portions of their pension funds from 1 September this year.
“This dispensation gives members of retirement funds access to retirement savings without having to resign or cash out entire pension funds,” the spokesperson said.
The proposed reform to the retirement saving regime,
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