Browse FAQs

Can I access my money in the savings component from 1 September 2024?

Legislation allows you to access your money from your savings pot from 1 September 2024. There are a few things to keep in mind.

Why was the two-pot retirement system implemented?

Since only 6% of South Africans can retire comfortably, the two-pot retirement system was created to alleviate financial stress by introducing changes to retirement savings preservation as it provides access to retirement savings when emergencies arise.

What does the two-pot retirement system mean for you?

10% of the investment value on 1 September 2024 will be transferred to a savings component. The amount will be limited to R30,000 and form part of the savings component.

Two-pot system brochures

To find out more about the two-pot retirement system, read the 10X brochure

What is the two-pot retirement system?

The two-pot retirement system allows you to access funds allocated in a savings component and a retirement component, referred to as “pots”.

Will I have to pay any administration fee to access money from the savings pot?

If you withdraw from your savings pot, you will have to pay an administration fee for every withdrawal you make from the savings pot. The administration fee will be R300 (excl. VAT) and will be deducted before applying for tax.

Who is the two-pot retirement system meant for?

The two-pot retirement system allows you to access funds allocated in a savings component and a retirement component, referred to as “pots”.

Will age be a factor in accessing my funds?

Yes, if you belonged to a Provident Fund or a Preservation Fund, remained in the same fund, and were 55 or older as of 1 March 2021, you are automatically opted out of the two-pot system.

What happens to my funds should I die?

Your beneficiaries will be able to access the benefits in all three components as either a cash lump sum retirement benefit or a compulsory annuity or a combination of both.

What will happen when you retire after the two-pot retirement system is implemented?

At retirement, you will have access to the 3 different components

Things to keep in mind

You can only access your money from your savings pot, once every tax year.

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