May 17, 2024

UPDATE: The two-pot retirement system – Three pieces of legislation to be finalised

To implement the two-pot retirement system, three pieces of legislation must be finalised.

The 2023 Revenue Laws Amendment Bill (RLAB)

  • The RLAB proposes the necessary changes to the Income Tax Act.
  • It was approved by Parliament on 28 March 2024 and is with the President for signature.

The 2024 Pension Funds Amendment Bill (PFAB)

  • The Bill proposes the necessary amendments to the Pension Funds Act to give effect to the two-pot retirement system.
  • It was approved by Parliament on 16 May 2024 and is with the President for signature.

The 2024 Draft Revenue Laws Second Amendment Bill (RLSAB)

  • This Bill addresses further technical corrections to the Income Tax Act, in addition to the RLAB.
  • This Bill will only be tabled in Parliament when it is reconstituted after the elections on 29 May 2024.

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