Pension fund members can now access a portion of their funds before retirement.
Both the Pension Funds Amendment Act and Revenue Law Amendment Act make provision for pension fund members to access a portion of their funds before retirement.
The legislation creates a savings pot to access a third of their funds while two-thirds will be kept in the second pot for retirement. The Revenue Laws Amendment Bill, also referred to as a Tax Bill, was the first step to allow pension reforms.The Pension Funds Amendment Bill went through various public participation processes.
It was first passed by the National Assembly in March this year and sent to the National Council of Provinces for concurrence. When the NCOP received the Bill, it made some changes, passed it in April and sent it back to the Assembly for concurrence.The Bill was sent to the President, who signed it into law in July.Steenhuisen’s political patronage appointments a concern: Analyst Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies.
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