Retirement / General

Two-pot system effective date - 1 September 2024?

Old Mutual embraces the government’s revised timeline for Two-Pot Retirement System implementation

Old Mutual announced on Monday that it welcomed the National Treasury’s announcement that it would move the implementation date for the Two-Pot Retirement System to 1 September 2024, which is in the best interest of all stakeholders.

Industry wanted 12-months for not-so-simple two-pots

Financial services firms that were hoping for more time to make system changes to comply with National Treasury’s two-pot retirement system received bad news this November, following a decision by Parliament’s Standing Committee on Finance (SCOF) to decree a 1 March 2024 implementation date. The committee outright rejected Treasury’s suggestion that the implementation be delayed by another year, to March 2025.

Retirement in crisis: Addressing financial stress among the middle-aged population in South Africa

As the middle-aged population in South Africa faces the looming reality of retirement, the fear of financial stress casts a shadow over their golden years.