Have Your Say: Pension Fund Amendment Bill [B3B – 2024]
The Select Committee on Finance invites stakeholders and interested parties to submit written submissions on the Pension Fund Amendment Bill [B3B – 2024].
Key proposals contained in the Pension Fund Amendment Bill [B3B – 2024] include the following:
- amend the Pension Funds Act, 1956, so as to insert certain definitions in order to provide for the introduction of the savings withdrawal benefit;
- provide for the appropriate account of a member’s interest in the savings, retirement and vested components;
- provide for deductions that may be made; and
- provide for matters connected therewith.
In addition, to introduce the two-pot retirement system for funds not under the scope of the Pension Funds Act, 1956, proposed amendments to the Acts for these funds (such as the Government Employees Pension Fund, and pension funds established in terms of the Post and Telecommunications Related Matters Act and the Transnet Pension Fund Act) will be made available on the National Treasury’s website, for their consideration during the processing of the Bill.
Submissions must be received by no later than 12:00 on Friday, 12 April 2024.
Those who want to make submissions at public hearings on Tuesday, 16 April 2024 should specifically request this. These hearings will be conducted through Zoom.
Submissions must be directed to the Committee Secretary, Mr Nkululeko Mangweni, 3rd Floor, 90 Plein Street, Cape Town, 8000 or nmangweni@parliament.gov.za / tel. (021) 403-3782.
Issued by Hon. YI Carrim, MP, Chairperson: Select Committee on Finance (National Council of Provinces)
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