VAAL TRIANGLE - The Institute of Retirement Funds has cautioned about potential challenges in accessing pension funds starting in September. President Cyril Ramaphosa has signed the Pension Funds Amendment Bill into law, which will divide members' benefits into a savings pot and a retirement pot. The fund's Wayne Hiller van Rensburg told Newzroom Afrika high demand may strain the infrastructure needed.
Despite the recent signing of the Pension Funds Amendment Bill, substantial work remains before the two-pot retirement system's implementation on September 1. Old Mutual's Michelle Acton highlights the need for administrative readiness and integration with SARS. Initial seeding calculations and fund amendments are also deemed crucial for payouts. While some funds are prepared, delays in submitting rule amendments to the Financial Sector Conduct Authority may hinder withdrawals.
PHOTO: (Supplied)
Comments