South Africa’s National Treasury has published draft reforms aimed at encouraging citizens to have easily accessible savings, while also ringfencing funds meant for retirement.
The so-called two-pot system will allow individuals to contribute one-third of savings into an account that can be accessible at any time, while two-thirds must only become available at retirement.
The reforms have been on the agenda for almost a decade, but gained momentum after the coronavirus pandemic upended the economy and pushed the unemployment rate to a record high. According to South African-based money manager Momentum Investments, which manages more than R608 billion in assets, only 6% of South Africans can afford to retire comfortably, which they describe as getting a pension of at least 75% of their final salary.
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