President Ramaphosa signs Pension Funds Amendment Bill

VAAL TRIANGLE - President Cyril Ramaphosa has signed the Pension Funds Amendment Bill, enabling the two-pot retirement system to bolster retirement savings. The new law will be effective from 1 September 2024. The amendment will allow fund members to withdraw a part of their pension fund savings before retirement. Contributions will be divided into two pots, one-third that can be drawn on before retirement, and a second pot that preserves two-thirds of savings on retirement. Meanwhile, Cosatu has welcomed this decision by president Cyril Ramaphosa. Cosatu’s spokesperson, Matthew Parks, says this will provide invaluable relief to millions of workers and their families who are drowning in debt.