The sheer number of savings pot withdrawal applications by GEPF members has caused some technical glitches, but these are being dealt with and the speed of payouts should start improving soon. As at Friday 4 October, the GEPF had received 252 592...
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Two-pot withdrawals: GEPF members to start receiving payment soon
The Government Employees Pension Fund (GEPF) has confirmed that it will start processing payments for those members who have made applications to withdraw from their savings pot as part of the implementation of the new two-pot retirement system....
Misunderstandings around the two-pot system
Despite all of the articles written explaining the new two-pot retirement system, there still seem to be some common misunderstandings around the system. Confusion on how much you can withdraw each year Many people confuse the R30 000 limit on the...
SARS clarifies tax on two-pot withdrawals
Anyone who intends to withdraw from the savings pot of the two-pot retirement system from 1 September 2024 must be registered for tax. Those who are not registered must register before they apply to their relevant fund. If a person is not...
Beware tax on withdrawals from your savings pot
Ahead of the implementation of the two-pot retirement system on 1 September, many people are surprised to discover how much tax they will pay on any withdrawal of funds from their new savings pot. Many are planning on withdrawing the once-off...
GEPF: Calculating your benefits under the two-pot system
This is the final video in a four-part educational series on the two-pot retirement system for GEPF members. Watch the first video here, the second video here, and the third video here. This video looks at the benefits you will get at retirement,...
GEPF: How savings pot withdrawals affect your retirement
This is the third video in a four-part educational series on the two-pot retirement system for GEPF members. Watch the first video here and the second video here. This video and article look at things to consider before you withdraw your pension...
GEPF: What happens if you resign after 1 September 2024?
This is the second video in a four-part educational series on the two-pot retirement system for GEPF members. Watch the first video here. When the two-pot retirement system is introduced on 1 September, one-third of future pensionable service will...
The two-pot system will improve retirement outcomes
While there are many fears around the imminent introduction of the two-pot system for retirement funds, members of these funds will be significantly better off due to the changes. Firstly, you will have access to your retirement funds without...
Understanding the two-pot retirement system for GEPF members
This is a four-part educational series on the two-pot retirement system for GEPF members. Over the next four weeks the various aspects of the two-pot retirement system will be unpacked, and members’ questions will be answered. On 1 September 2024...
Previous Articles
Savings pot withdrawal minimum may disappoint many
With less than two months to go before the new two-pot retirement system is implemented, you may be disappointed to realise you are unable to immediately withdraw money from your savings pot. Many employees are banking on being able to withdraw some money from their...
Two-pot system: considerations for over-55s
With 100 days to go until implementation of the “two-pot system” for retirement, Keith Peter, Advice Manager at Old Mutual Personal Finance, says that the best approach is to maintain your current strategy and avoid prematurely accessing the savings pot as far as...
Impact of the two-pot system on your preservation fund
The current draft bill does allow a savings pot component for preservation fund members. There are several steps that still need to be taken to bring the so-called “two-pot retirement system” into law. Although the National Council of Provinces approved the Pension...
Listen: Treasury explains the two-pot retirement system
On 1 March 2024 there will be a radical change affecting everyone who is a member of a retirement fund, with the implementation of what has come to be known as the “two-pot retirement system”. Update: The two-pot system will now be implemented on 1 September 2024....
Two-pot retirement system: questions answered
The so-called two-pot retirement system will be implemented from 1 March 2024. There is still a lot of confusion around the system and exactly how it will work, and we are awaiting further clarity from Treasury on some of the details surrounding the system. In the...
Further clarity on the two-pot system for retirement funds
Over the last few years, National Treasury has been working on introducing the so-called two-pot system for retirement funds. Recent updates to the draft legislation are open for public comment and have provided further clarity on how the system will work and what it...
The two-pot retirement system explained
On 29 July, National Treasury released its draft legislation on the so-called two-pot retirement system. It highlighted that “the proposal does not include allowing immediate access to retirement funds, but rather moves to a system that can more adequately cater for...
Listen: The proposed two-pot system for retirement funds
On 29 July, National Treasury released draft legislation around early access to pension funds and the so-called “two-pot” system. This draft legislation aims at addressing two key challenges facing retirement savings: improving retirement outcomes by introducing...
Immediate access to retirement funds unlikely
Retirement reform paper calls for comment but no move on immediate access. Retirement fund members hoping to access their retirement funds for urgent financial relief will be disappointed by the retirement reform paper issued by National Treasury last month. In the...