Explain & Verify | Two-Pot Retirement System

In exactly 37 days from today, retirement fund members will be able to access a part of their retirement savings without having to resign from their jobs. On 01 September the new Two-Pot Retirement system will be implemented. This after President Cyril Ramaphosa signed into law, the Pension Funds Amendment Bill. The new Pension Funds Amendment Act among other things enables the implementation of the recently legislated two-pot retirement system.
Let's listen to what experts are saying.

[thembamahlangu-txer]

Now u are a financial expert no more anti zuma in politics people got too much energy to listen what u are telling than A real financial advisor

[bonganimngcobo]

Later; people will be asking "where are the pots" 😂

[siyabuleangqandu]

Real this is an insult to us Workers of this country ...Tell me if im 40 yrs now and get retrenched next year instead of getting lumpsum now i have to wait till retirement age 🙆🏿🙄... Tell me in this high unemployment rate of this country where will i be employed again 🤷🏿... Mind u while government holding my.money till retiring age of which most of us is so rare to live till 60yrs this need an amendment.

[hloniphanintombela]

This is just an insult to worker's

[johanpotgieter]

I only see people going on pension poor and the government taking your pensions. This is what really happening.

[thomasmtontsi]

Samkelo should never be a teacher. He would confuse his students. He made a mistake about 33% of the vested pot going into a saving pot.. Check around 6:15... He then comes back later to try and explain the vested pot... Yhoo he should not have taken the challenge to explain this. But kudos for the bravery. Accurate info is important

[kay]

Only 6% of South Africans retire comfortably, this will just make things worse. I say leave it alone.If you want to pay off debt or use it for an emergency, then that makes sense to me but we know that most people are going to use it for fun. Then there are those who say they want all their money because when they retire they are useless and only need food which can be covered by sassa, so sad, no self love.

[raaziaisaac]

Don't access, you lose out, when you retire, you will need all the money then

[darlingtonmachilar]

What does samkelo know about pension funds?

[sandramanter]

Please talk about the tax on withdrawal

[thandomcoteli]

I don’t understand why can’t you get all your hard earned money once u have retired, why does the government hold it and instead you get it monthly ? I means it’s our money surely we shud have a say or a choice whether we want to take it all or take it but by bit .

[vivianoosthuizen]

Stop forcing people to retire at 65 while politicians can work till they drop dead

[maisantabalegote]

Really now....how do you get this guy to explain pensions??

[AndreasHofmann]

Munger and Buffett have both achieved an incredible feat with Berkshire. They've turned thousands to billions, and have made a lot of people wealthy in the process. I really saw the potential of the stock market by reading Berkshire's annual letters. I recently sold my $674k apartment in the Bel Air area and I'm hoping to throw it into the stock market. I just don't want to lose everything.

[ThembakaziStonga]

Are we going to get some money from. Our pension on the 1st September. Before it divided to these pots. Bcs some people are talking about the 10 percent that u will get if u want to

[eltongordon]

The retirement reforms "two-pot" system now referred to as the "two component" system was meant to be a lifeline for millions of South Africans facing financial hardships due to the soaring costs of living. It was not meant to be a tool to milk taxes out of workers to replenish state coffers which have been emptied out due to years of
an inefficient, incompetent & corrupt state.

[mzwamadodafongqo]

Does this apply to the SAMRO Retirement Annuity Fund?

[nothembajozi]

R30000 a year that will be taxed at your tax bracket. You really thought Cyril Ramaphosa was going to allow yo to pay of your personal loans, bond and cars and let the banks lose out on the interest. SHAME ON YOU.

[petermpati]

As a person maybe who doesn't understand the pattern of tax, please clear me up here, for e.g if i have 30000 rand in saving pot, how much will be taxed from 30k?

[Thembanisoka-qszc]

Halloween are securities involved, how long you should work to qualify