Industry welcomes the ratification of the lagislation.
The last legal hurdle for the two-pot retirement system to come into ef fect has been cleared now that President Cyril Ramaphosa has signed the Pension Funds Amendment Bill into law.
The Presidency announced in a statement on Sunday afternoon that Ramaphosa "has assented to the Pension Funds Amendment Bill which amends pension-related legislation to enable the implementation of the recently legislated two-pot retirement system, geared towards bolstering retirement savings".
Once the legislation has been gazetted, the Financial Sector Conduct Authority (FSCA) can formally register the various rule amendments of retirement funds.
The Presidency noted that: "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 a portion of their pension funds from 1 September."
Five weeks to go
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Denne historien er fra July 23, 2024-utgaven av The Citizen.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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US blamed for expo row
Analysts warn exclusion could have dire consequences for SA down the line.
4900 visas for critical skills jobs
South Africa has a list of almost 150 jobs considered by the department of employment and labour (DEL) to be in short supply.
Nsfas to decentralise
Department welcomes move, plans to set up regional, satellite offices.
Lawsuits cost health billions
Investigations stop R3 billion in fraudulent claims, parliament hears.
City face Inter reunion
Manchester City are braced for their Champions League reunion with Inter Milan at the start of an expanded tournament that will be \"so tough\" for the 2023 winners.
League Cup no inconvenience
Manchester United manager Erik ten Hag insisted he still believed English football's League Cup remained a \"significant\" competition.
State of rates in Africa
Africa’s largest economies to make changes for first time in years.
RAF not about to 'implode'
»» Improvements not sustainable without legislative changes, says Letsoalo.
Can Superbalist grow?
Shein overtakes the SA retailer, while Bash is different kind of threat.
Crochet gets sex appeal
100% cotton yarn garments do not loose shape ina cold wash.
