{"id":18748,"date":"2023-11-07T04:46:59","date_gmt":"2023-11-07T04:46:59","guid":{"rendered":"https:\/\/fintechrobos.com\/?p=18748"},"modified":"2023-11-07T04:46:59","modified_gmt":"2023-11-07T04:46:59","slug":"south-africans-to-be-able-to-withdraw-one-third-of-employer-dc-plans-while-working","status":"publish","type":"post","link":"https:\/\/www.menamoney.org\/ar\/south-africans-to-be-able-to-withdraw-one-third-of-employer-dc-plans-while-working\/","title":{"rendered":"South Africans To be Able to Withdraw One Third of Employer DC Plans While Working"},"content":{"rendered":"

The South Africa government has proposed that changes to the two-pot retirement system, which gives workers access to pension funds before retirement, be delayed by a year.<\/p>\n

Employer Action Code: Act<\/h3>\n

Draft legislation to amend South Africa\u2019s Income Tax Act and the Pension Funds Act would allow members of occupational retirement plans to access part of their future retirement accruals during employment, with the remainder accessible only upon retirement or death (known as the \u201ctwo-pot\u201d system). Existing payout rules would still apply to pre-reform accruals (with some exceptions), so in practice it would be a \u201cthree-pot\u201d system. The targeted implementation date is March 1, 2024. (However, on October 25, 2023, the government proposed a one-year implementation delay to Parliament\u2019s Finance Committee. While the pensions industry strongly supports the delay, labor and some members of Parliament oppose it. If the delay occurs, references to 2024 below would change to 2025.)<\/p>\n

Defined contribution (DC) plans<\/strong><\/p>\n