On 29 July, National Treasury released the 2022 Draft Revenue Laws Amendment Bill for comment to introduce the "two-pot" system for retirement savings that was flagged in the National Budget.
The Draft Revenue Laws Amendment Bill will allow members of retirement funds to access up to one-third of their pensions savings once a year, in the event of an emergency, while preserving the other two-thirds for retirement.
This document lists the “top ten” aspects of the “two-pot system”, according to the draft legislation.
Webber Wentzel tax and pension experts will be watching this space closely and keep clients updated on related developments.
Following the publication of the the 2022 Draft Revenue Laws Amendment Bill for comment and the publication of this infographic - after wide consultation, Treasury and SARS made some changes and clarifications to the original proposals on introducing a “two pot” retirement system. Read more about these update to the Bill here.
Download the infographic