Publication
Road to COP29: Our insights
The 28th Conference of the Parties on Climate Change (COP28) took place on November 30 - December 12 in Dubai.
South Africa | Publication | april 2024
With the “Two-Pot System” being the topic of conversation of all stakeholders of the pension fund industry, it is apt that National Treasury addressed the Finance Standing Committee, housed by the National Assembly, on 19 March 2024 with its responses to the public submissions received on the Pension Funds Amendment Bill. One of the main concerns raised by the public in relation to the Bill was the contradictions between the Pension Funds Act and the Divorce Act. In addition, there was concern on whether the “Two-Pot System” changes would also apply to public sector retirement funds as they are not governed by the Pension Funds Act.
National Treasury’s feedback to the Finance Standing Committee can be summarised as follows –
After noting Treasury’s responses to the public submissions, the Bill was adopted by the Finance Standing Committee on 22 Mach 2024. The Bill together with the report on the Bill was tabled and passed by the National Assembly on 27 March 2024. The Bill is now before the National Council of Provinces (NCOP) for concurrence. If the NCOP passes the Bill, as passed by the National Assembly, it will then be transmitted to the President for signature.
Further developments regarding the Bill and its implementation will follow.
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