01 Jul Deadline for opting into the Two-Pot Retirement System.
Members who were 55 or older on 1 March 2021, have until 31 August 2025 to opt in to the two-pot system. No change to the existing retirement fund structures will occur for members not opting in. Importantly, opting in is a one-time, irreversible choice.
Having access to the savings portion of a retirement fund helps members to cater for unexpected emergencies such as vehicle repairs and medical expenses. However, as one nears retirement age it can deplete one’s retirement savings and members are urged to exercise this benefit with caution and accompanied by sound financial advice.
Retirement fund members who were 55 years and older on 1 March 2021 who are considering opting in to the two-pot system should contact their retirement fund administrator or financial planner to find out more and if they’d like to opt-in, this must be done before 31 August 2025.
Salt Employee Benefits is South Africa’s largest independent retirement fund administrator with over 900 000 members.