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Two-pot
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.
Read moreWho 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”.
Read moreWill 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.
Read moreWhat 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.
Read moreThings to keep in mind
You can only access your money from your savings pot, once every tax year.
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