Comment asked on draft pension laws

JOHANNESBURG - Treasury has published a proposed set of laws that will guide the two-pot retirement system.

It’s due to become effective in March next year.

National Treasury and the South African Revenue Service published the Draft Revenue Laws Amendment Bill and the Draft Revenue Administration and Pension Laws Amendment Bill for comment on Friday.

READ: Pension Fund Changes | Cosatu weighs in on retirement funds

These draft bills provide the necessary legislative amendments required to implement the first phase of the so-called “two-pot” retirement system.

The two-pot system allows South Africans to withdraw one-third of their retirement savings while working.

The remaining two-thirds will be accessible on retirement.