Warning over new retirement system in South Africa

Old Mutual warns that the new two-pot retirement system, which will become operational next year, could negatively impact the entire purpose of retirement funds. From 1 March 2024, South Africans will be able to put their savings into two separate retirement pots. Up to one-third of all retirement contributions will go into a “savings pot”, which will be accessible once a year. A more standard “retirement pot” will receive at least two-thirds of the contributions made after 1 March 2024, which will...