Retirement reform

After the Pension Funds Amendment Bill and the Revenue Laws Amendment Bill were signed into law, retirement funds are required to apply for rule amendments with the FSCA and update their systems to implement the new system starting from September 1. The FSCA released the criteria for the rule amendments in February 2024, which retirement funds must adhere to as per the two bills. Once activated, members should be able to access the funds. However, if members lack full awareness or understanding of the impact on taxes, pension funds, provident funds, etc, the system may give rise to other issues.

September 15, 2025

Two-pot system/early access to retirement funds

The two-pot system is operational, having been effected on 1 September 2024 following the signing of the Pension Funds Amendment Bill and the Revenue Laws Amendment Bill into law. The two-pot system allows retirement fund members to make withdrawals from their funds while they are still active members by providing more frequent access to a…

read more >>

Unclaimed assets.

Discussions and initiatives concerning unclaimed assets have been ongoing for several years, with increased attention placed on this issue in recent times to ensure proper management and safeguarding of unclaimed funds. In 2022, the FSCA published a discussion paper which made 13 recommendations, including mitigating the accumulation of unclaimed assets, establishing a shared understanding of…

read more >>