Pension Funds Amendment Bill

The Select Committee on Finance invites you to submit written submissions on the Pension Funds Amendment Bill [B3B - 2024]

Submissions can be emailed to Mr Nkululeko Mangweni at [email protected] by no later than 12:00 on Friday, 12 April 2024.

Key proposals contained in the Pension Fund Amendment Bill [B3B – 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 considered during the processing of the Bill.

Media Statement: Proposed Amendments to Public Sector Pension Laws to Provide for Two Pot Retirement System for Inclusion in Pension Funds Amendment Bill [B 3-2024]

 Government Employees Pension Law Proposed Amendments 2 pot retirement system 11 March 2024

 Post Telecommunications-related matters Proposed Amendments two pot retirement system 11 March 2024

Transnet Pension Fund Proposed Amendments two pot retirement system 11 March 2024

Those who want to make submissions at public hearings on Tuesday, 16 April 2024 should specifically request this. These hearings will be conducted through Zoom.

Enquiries can be directed to Mr Nkululeko Mangweni on tel (021) 403-3782

Issued by Hon. YI Carrim, MP, Chairperson: Select Committee on Finance (National Council of Provinces)


Track the bill here

How to write a submission