
Treasury favours conditional access to retirement pot for retrenched workers
It is also open to discussions on letting members transfer all their vested savings into their retirement and savings components.

It is also open to discussions on letting members transfer all their vested savings into their retirement and savings components.

The government, business, and labour are working together at Nedlac to address employers’ non-compliance with payments to retirement funds.

One of its four proposals is to allow members to transfer up to a third of their vested savings to their savings component.

The Pension Bill will prohibit members from making a withdrawal from the savings component if the withdrawal results in insufficient funds remaining to settle a court order.

All stakeholders emphasise the need to finalise the amendments to the Income Tax Act and the Pension Funds Act.

There are hints the president may decide not to sign the legislation into law in its current form.