The two pot retirement system in a nutshell

From 1 September 2024 you can withdraw maximum 10% or R30 000 of your current pension fund. Minimum withdrawal R2000

From 1 September 2024 you get excess to 1/3 to new investments that you have made into a pension fund.

Everything you withdraw will be added to your taxable income and you will be taxed according to your tax rate for that year.

The remaining 2/3 will be convertible on retirement or after age 55 to a living annuity, a living annuity or guaranteed annuity.