Mpho Kgomongoe, Legal and Technical Specialist at Simeka Consultants and Actuaries

The SCoF (Standing Committee of Finance) hearing in Parliament to discuss and approve the two-pot retirement system legislation was held 21 November 2023.

The uniform decision was that the implementation date of the two-pot retirement system must be 1 March 2024.

All the other proposals of National Treasury as set out in the final Revenue Laws Amendment Bill were approved and adopted by the SCoF.

The next step is for the SCoF findings report to be sent to the Minister of Finance regarding the 1 March 2024 implementation date.

The Minister then has 14 days to indicate his agreement, but the Minister cannot override the SCoF decision.

His response will form part of the report on the implementation date to be considered by the National Assembly in Parliament.

ENDS