When the two-pot retirement system comes into legislation on 1 September 2024, you can withdraw from your savings pot in case of emergencies. However, it's usually better to keep this money invested - if you don’t withdraw, you’ll have more savings by the time you retire than if …

23 August 2024 – Persons who intend to withdraw from the savings pot of the Two-Pot Retirement System from 1 September 2024 must be registered for tax. Those who are not registered must register before they apply to their relevant fund.

Retirement fund members in eligible funds will be able to withdraw from the savings pot of their retirement fund after 1 September 2024 without leaving their job. The amount you can withdraw depends on how much is in your savings pot.

Sep 3, 2024 · SARS has launched an online calculator that will help taxpayers get an idea of how much they will actually get out when withdrawing from the new two-pot retirement system.

Sep 2, 2024 · A: Yes, under the new two-pot retirement system, you can withdraw from your savings pot before retirement. The system allows you to withdraw a portion of your savings, subject to certain conditions and limits.

Withdrawals are permitted once per tax year and are taxable based on the member’s marginal tax rate. WHAT IS THE WITHDRAWAL CLAIMING PROCESS? Retirement fund members must apply to or enquire directly from their retirement funds on the withdrawal process. WHAT HAPPENS WHEN A MEMBER RESIGNS FROM EMPLOYMENT?

Mar 1, 2021 · To kickstart the system, an initial transfer of 10% of your existing retirement savings capped at R30 000 will be transferred into your Savings Pot. You can only withdraw once in a tax year, between 1 March and 28 February. You will be …

Mar 1, 2024 · Submit a Request: Complete the withdrawal form provided by your retirement fund administrator. Provide proof of the emergency if required. Tax Implications: Be aware that withdrawals are subject to income tax. Understand how much you’ll be taxed based on the amount withdrawn.

The GEPF will let members know how to start with their withdrawal and how to provide any supporting documents the GEPF needs from members to process a withdrawal. Is it advisable to withdraw from the savings pot? your savings pot should be considered cautiously. The new retirement fund are no alternatives.

You can withdraw 1/3 of your vested pot and any money in your savings pot. If there is no money left in your vested pot or savings pot at retirement, you will not have access to a lump sum in case of emergencies or big expenses.