Two-Pot Retirement System Explained
On 1 September 2024, South Africans will have access to a portion of their retirement savings while still maintaining their long-term retirement savings. Learn more about this new legislation and how it affects you.
What is the Two-Pot Retirement System
It is a new retirement savings system for South Africans. It provides a more secure and sustainable way for you to save for retirement while addressing immediate financial emergencies.
Two Pot Retirement System Explained
On 1 September 2024, South Africans will have access to a portion of their retirement savings while still maintaining their long-term retirement savings. Learn more about this new legislation and how it affects you.
What is the Two-Pot Retirement System?
It is a new retirement savings system for South Africans. It provides a more secure and sustainable way for you to save for retirement while addressing immediate financial emergencies.
On 1 September 2024, your retirement savings will be split into two pots, a retirement pot and a savings pot.
The system aims to assist South Africans in managing their finances by providing financial assistance for emergency needs while still ensuring one is saving for their future retirement.
Your retirement contributions will be divided into three pots that serve different functions. A retirement pot that holds two thirds of your contributions. A savings pot that holds one third of your contributions, and a third pot called the vested component that holds your current retirement savings plus investment returns prior to 1 September 2024.
How do I access my funds?
Register on the MIFA Mobile App, that is available on Google Play Store and Apple App Store. Once you have downloaded the app you will need to follow a few simple steps to register and view your personal dashboard.
Click here for the “How to” guide.
Resources
A range of material on the Two-Pot Retirement System.
For more information, please contact MIFA on mifa@query.co.za