LISTEN | Insights from Old Mutual’s expert on the new two-pot retirement system

As the new two-pot retirement system gets closer to being implemented on September 1 2024, South Africans need to get all the relevant information to make smart choices about their retirement savings. Thabo Hollo, programme manager for Old Mutual Financial Education, explains that this system divides retirement savings into two parts: the savings portion and the preservation portion. This change stems from the recently signed Revenue Loss Amendment Bill.

Under this system, one-third of retirement contributions go into the savings portion, accessible before retirement, while two-thirds are preserved until retirement. 

Clearing up common myths about this new system is crucial. Hollo encourages the public to consider using accredited financial advisers to help them make critical decisions. Proper consumer education can help ensure that everyone understands the new system and makes the best choices for their future.

Listen to the podcast to learn about how this change affects your retirement savings:

This article was sponsored by Old Mutual.