Big Business Insights: Everything you need to know about Two-Pot
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The proposed Two-Pot Retirement System could be implemented as soon as March 2024. Yet a lot of questions remain about how exactly the new system will work, how to prepare for it, and what it will mean for funds and their members.
In this episode of our Big Business Insights podcast series, host and Managing Executive at Old Mutual Corporate Consultants Blessing Utete asks our Retirement Reform Executive Michelle Acton – who’s been closely involved with Treasury in the consultation process around the new system – all the important questions you need to know:
What’s changing, what isn’t and what’s still unclear?How will it change the retirement and employee benefits landscape? What do employers and brokers need to explain to their employees or clients?How exactly will the Savings Pot work?And more.
Listen as Blessing and Michelle unpack the who, what, when and how of, arguably, the most impactful change to the South African retirement industry in recent history.
In this episode of our Big Business Insights podcast series, host and Managing Executive at Old Mutual Corporate Consultants Blessing Utete asks our Retirement Reform Executive Michelle Acton – who’s been closely involved with Treasury in the consultation process around the new system – all the important questions you need to know:
What’s changing, what isn’t and what’s still unclear?How will it change the retirement and employee benefits landscape? What do employers and brokers need to explain to their employees or clients?How exactly will the Savings Pot work?And more.
Listen as Blessing and Michelle unpack the who, what, when and how of, arguably, the most impactful change to the South African retirement industry in recent history.
Chapters
- 01:29 What is the Two-Pot System all about?
- 04:20 How far are we into the process?
- 05:55 How much admin should employers prepare for?
- 09:07 The potential benefit of early access
- 13:17 Tax implications
- 14:54 Two-Pot vs. emergency savings
- 20:30 Stand-alone vs. Umbrella Funds
- 22:10 Thoughts for HR and Finance
