On our Education feature we talk about the new two-pot system that government could be introducing next year by March 1,2024. The two-pot system means South Africans will be able to access one-third of their retirement savings throughout their career, while two-thirds will only become accessible on retirement. The reform is meant to deter South Africans from cashing out their retirement savings when they resign, and also to prevent workers from resigning to access their retirement funds. Natasha Huggett-Henchie, a principal consultant at NMG Benefits, proposes four preventative measures for consumers to make sure they are not too tempted to treat their retirement fund as a transactional account.
See omnystudio.com/listener for privacy information.