At the start of June, President Cyril Ramaphosa signed into law the amendment bill that establishes the "two-pot" retirement system, which allows members of retirement funds to access a portion of their retirement savings while still employed.

One of the most important points to communicate to members is when their money will be accessible. Even though the legislation goes live on 1 September, it doesn't mean funds may be able to pay out on that date as there are several steps that need to be implemented first

With the new system officially coming into effect on 1 September 2024, retirement fund administrators in particular only have a few months left to organise their affairs, particularly regarding pending legal matters, if they want to pay out their clients’ withdrawal claims promptly post 1 September.”

The prospect of unchanged interest rates, with the Reserve Bank likely to maintain the repo rate at 8.25%, brings no respite from the mounting pressures on people's pockets. In these challenging times, it's crucial to carefully assess every expense to avoid cutting essential items like life cover and retirement savings.

Felicia Hlophe, legal adviser at Allan Gray, explains the possible consequences of a divorce for members of occupational retirement funds, such as the Allan Gray Umbrella Fund, and their non-member spouses, and sets out the applicable legislation and case law that govern divorce claims

A business succession plan ensures a smooth transition when you exit your company. This article covers the importance of starting early, key considerations for planning, and the benefits of professional assistance.