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The two pot system:
Early access to
retirement savings

webinar

The two pot system: Early access to retirement savings

In December 2021, National Treasury released a discussion document proposing that a portion of retirement savings can be accessed before retirement. The remaining portion must be preserved until retirement.

This is a fundamental shift to retirement savings in South Africa. What does it all mean, and how will it impact your clients?

In this webinar, host Georgina Smith unpacks this fascinating topic with our technical expert, Jennifer Anderson.

About the webinar

We explore the retirement reform discussion paper released in December 2021. The focus is on the Two pot proposal for retirement funds, whereby a portion of new retirement savings will be accessible to members before retirement. The remainder of the savings will not be accessible in cash either before or at retirement, even on resignation. The webinar will discuss the state of savings, and specifically retirement savings, in South Africa. We will delve into how the paper proposes that the two pots will work, application to various types of retirement funds and vesting rights for existing retirement savings. We cover the proposed and potential tax treatment of the two pots and briefly discuss the future proposals regarding auto enrolment and consolidating retirement funds.

You can expect to learn about:

• The next steps in the retirement reform process to address preservation, coverage and costs
The state of savings and retirement savings in South Africa
Explanation of the proposed 2 pot retirement system
Application of the changes
Vesting of the rights of members
Debate on the option of immediate access
Tax treatment of the two pots
Implementation and timelines
Auto-enrolment summary
Cost savings and consolidation in the retirement savings industry

The speakers

Georgina-Smith-1 (1)

Georgina Smith

Head of Distribution
INN8

Georgina holds a strong belief that you’re never too old to learn; that continual development helps people stay motivated to do their jobs better and build a good company culture. Her two decades of work experience has set her up as an excellent manager who builds business value through focussed teams using stretching, but achievable, targets.

Having worked across different industries in both large corporates and small to medium-sized firms benefitting from learnings across her international experience, Georgina brings a fresh, and welcomed, outlook to the team.

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Jennifer Anderson

Head of Investment Platform Product & Communications
INN8

Jennifer Anderson joined the INN8 team in early 2020 as Head of Investment Platform Product & Communications after heading up Product development for the STANLIB Platform since 2017. Jennifer specialises in the retail investment industry specifically in the areas of investment platforms, product design and management, regulation, compliance and process optimisation.

Prior to joining INN8, Jennifer held a senior platform strategy and management role at Hollard Investments and was one of the founders of the Wealthport Platform. Jennifer is a Category III Key Individual and has a Bachelor of Business Science and Information systems cum laude from the University of Cape Town.

Jennifer’s passion is enabling financial freedom, she’s been saving for retirement since she was in the womb!

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