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RETIREMENT FUND MEMBER INFORMATION  

Please visit this page regularly for news and summaries.

Welcome to the Glacier Retirement Fund Member hub where you will find all the
available information on the latest retirement reform change (the Two-Pot
System) that becomes effective on 1 September 2024. This page is aimed at
providing you with generic information only - all collateral featured on this
page will be updated with the latest detail as they develop. Please visit our
client portal for specific information about your personal retirement savings
portfolio.


RETIREMENT CONCERNS IN SOUTH AFRICA

In 2021 already, the Sanlam Benchmark Survey indicated that about 75% of South
African retirees were reliant on state old age grants as their main income
source during their golden years.

National Treasury explains that the dilemma with the current retirement regime
is that individuals are able to make full withdrawals from their pension or
provident fund when they cease employment, and once-off withdrawals from their
preservation fund(s). These withdrawals are leaving South Africans high and dry
when it comes to capital to provide an income during retirement, causing
financial distress and hardship.

There has been a specific focus in legislation during the 2000s to protect
retirement fund members from themselves in order to better secure a sustainable
income during their retirement years. This strategy is known as the Retirement
Reforms in South Africa, and the most recently taken step in this strategy is
the Two-Pot Retirement System.


THE TWO-POT RETIREMENT SYSTEM



To ensure that retirement fund members save enough for retirement and that their
savings are protected, government has been reviewing and changing the laws that
control the retirement fund industry over the last few years.

What is the two-pot retirement system?

The latest retirement reform change proposed by government is the introduction
of the two-pot retirement system which will give rise to a massive change in the
retirement landscape. The new two-pot retirement system aims to address the need
for greater preservation of retirement savings whilst also providing members
with limited access to a portion of these savings, before retirement, in cases
of emergency.

As things develop and become certain on the new system - we will update this
page.



View and download the two-pot system one-page document


SAVING FOR RETIREMENT

Any withdrawal from retirement savings prior to retirement will certainly have a
detrimental impact on your retirement, as you will have less capital with which
to purchase an income. And the loss in value should not just be measured by the
withdrawn amount. Savings in retirement funds are protected from creditors, have
tax benefits and are not estate dutiable in the event of death before
retirement. These benefits, along with the power that compounded interest growth
gives to future income, go a long way to ensuring financial security in
retirement. There is very little chance of recovering from such a withdrawal in
monetary terms, and it is of the utmost importance to not make this decision
lightly and certainly not without the professional advice of a financial
adviser.

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RETIREMENT REFORM INSIGHTS

The latest retirement reform insights on Glacier Insights.

Parliament’s Finance Committee insists that the new two-pot system be
implemented on 1 March 2024
Access to Retirement Savings - 1 March 2024 PDF
Two-pot retirement system: Overview PDF
Is the new system applicable to defined benefit funds?
Two-pot retirement system: More on what it is about PDF
The two-pot retirement system - Interactive PDF
What you should know about the two-pot retirement system - Flash Fact PDF
The two-pot retirement system is a few steps closer to becoming a reality in
2024
What we know about Two-Pot Retirement System - PDF
An update on the proposed two-pot retirement system
The South African retirement landscape: Hoping that reconstruction will lead to
rehabilitation
Accessing retirement savings prior to retirement – a good idea?

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RETIREMENT REFORM IN THE MEDIA

Retirement reform articles featured in the media.

How bizarre: three pots in a two-pot system. FA News - 26 June 2022
Two-pot retirement system: Who will be the winners and the losers? Moonstone - 8
June 2023

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LEARN MORE ABOUT THE GLACIER RETIREMENT ANNUITY


LEARN MORE ABOUT THE SANLAM CUMULUS ECHO PRESERVERS


LEARN MORE ABOUT GLACIER PRESERVATION FUNDS


EXPLORE OUR RETIREMENT SAVINGS SOLUTIONS AND SAVE FOR RETIREMENT

Explore our retirement savings solutions


ADDITIONAL READING MATERIAL ABOUT RETIREMENT SAVINGS

Affording the life you want after your last pay cheque
10 Considerations before putting together your retirement plan
The best investment opportunities in your 20s and 30s
Access a wider range of investment choices in an employer retirement fund
What to know about preservation funds and why you may need one
Saving tips for you no matter your age
Saving for retirement requires a positive mindset
Q&A – Retirement lifestyle costs
Five bad attitudes that prevent you from saving

GLACIER FINANCIAL SOLUTIONS (PTY) LTD IS A LICENSED FINANCIAL SERVICES PROVIDER.
SANLAM LIFE INSURANCE LTD IS A LICENSED LIFE INSURER, FINANCIAL SERVICES AND
REGISTERED CREDIT PROVIDER (NCRCP43).


GLACIER INVESTMENT TOOLS

Our tools guide and enable you to find the most suitable investment solutions to
reach your financial goals


GLACIER RETIREMENT INCOME PLANNER

Step-by-step guidance to find the optimal combination of retirement income
solutions

(For Intermediary Use)



Get Started


GLACIER SOLUTIONS GUIDE

Find the most suitable investment solution for your unique needs



Get Started


GLACIER RETIREMENT SALARY CALCULATOR

Work out what retirement salary you’ll get, based on your current retirement
savings



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This website is intended for use by financial intermediaries. The information on
glacier-insights is provided for information purposes only and should not be
construed as the rendering of advice to clients. Although we have taken
reasonable steps to ensure the accuracy of the information, neither Sanlam nor
any of its subsidiaries accept any liability whatsoever for any direct, indirect
or consequential loss arising from the use of, or reliance in any manner on the
information provided on this website.

Glacier Financial Solutions (Pty) Ltd. | A member of the Sanlam Group | Reg No
1999/025360/07 | Licensed Financial Services Provider
Glacier Financial Solutions (Pty) Ltd. and Sanlam Life Insurance Ltd. are
Licensed Financial Services Providers

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WHAT GLACIER INSIGHTS IS…AND ISN’T

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with information on the markets in general, Glacier products, and the services
we offer. This website is not primarily for private individuals, but we are
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If you are a private individual, please seek financial advice from a registered
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