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
Bu hikaye The Citizen dergisinin July 23, 2024 sayısından alınmıştır.
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Bu hikaye The Citizen dergisinin July 23, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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