Vested Pot

Your existing retirement savings up to 31 August 2024, will go into the Vested Pot. No more money will be added to this pot.

The current withdrawal rules will still apply to this amount if you're in a workplace fund.

Retirement Pot

Two-thirds of future contributions from 1 September 2024 will go into the Retirement Pot.

The funds in your Retirement Pot are not accessible until your retirement.

Savings Pot

From 1 September 2024, 10% of your Vested Pot balance (up to R30 000) will move to your Savings Pot as a starting amount. One-third of your contributions will also go into the Savings Pot.

Note that transaction fees and taxes (based on your tax rate) will apply.

Our primary goal is to emphasise the importance of saving for retirement.

1

The most important goal of saving for retirement is to make sure that you have enough money when you retire. If you start withdrawing the money now, you could end up running out of money as you grow older.

2

Keep in mind that EVERY withdrawal you make will not only reduce your savings balance, it will also shrink your savings’ growth potential.

3

You will not only “lose” money by having to pay taxes, you will also miss out on earning compounding interest. Compound interest is the interest on interest you earn when you save. It’s what helps savings to keep growing and growing over time.

4

While the Savings Pot offers access to a portion of your savings, its main purpose is to help you save towards your retirement.