Pension Funds Amendment Bill

The Standing Committee on Finance invites you to submit written submissions on the Pension Funds Amendment Bill [B3 – 2024].

Key proposals contained in the Pension Funds Amendment Bill [B3 – 2024] include the following: 
• amend the Pension Funds Act, 1956, so as to insert certain definitions in order to provide for the introduction of the savings withdrawal benefit;
• provide for the appropriate account of a member’s interest in the savings, retirement and vested components;
• provide for deductions that may be made; and
• provide for matters connected therewith.

In addition, to introduce the two-pot retirement system for funds not under the scope of the Pension Funds Act, 1956, proposed amendments to the Acts for these funds (such as the Government Employees Pension Fund, and pension funds established in terms of the Post and Telecommunications Related Matters Act and the Transnet Pension Fund Act) will be made available on the National Treasury’s website, for their consideration during the processing of the Bill.

Submissions can be emailed to Mr Allen Wicomb at [email protected] by no later than 12:00 on Monday, 11 March 2024.

Those who want to make submissions at public hearings on Tuesday, 12 March 2024 should specifically request this. These hearings will be conducted through Zoom.

Enquiries can be directed to Mr Allen Wicomb on tel (021) 403-3759 or Ms Teboho Sepanya (021) 403-3662.

Issued by Hon. J Maswanganyi, MP, Chairperson: Standing Committee on Finance (National Assembly)

Track the bill here

How to write a submission