Transcription of Encouraging South African households to save more for ...
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Encouraging South African households to save more for ...
1 14 December 2021 Encouraging South African households to save more for retirement Introduction Government has been progressively reforming and restructuring the savings and retirement legislative framework since the publication of a set of discussion papers following the announcement made in the 2012 Budget1. All these papers are available on the National Treasury website2. This paper deals with the key outstanding proposals from the retirement reforms initiated in 2012, regarding the promotion of higher level of savings, expanding coverage and promoting better preservation and more consolidation to reduce the costs and charges on members. This discussion paper makes proposals on the design structure of a two-pot system for retirement savings, which would restructure retirement savings to allow for limited pre-retirement withdrawal and introduce Government s longstanding retirement reform proposal on preservation.
a “withdrawal lump sum” before retirement. Around half that number received a “retirement lump sum” (through retirement or retrenchment). The tax paid on withdrawal lump sums (which faces a relatively punitive tax rate) is over R12 billion each year on an average withdrawal lump sum
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