Two-pot system is confirmed, here all the details
- Starts 1 March 2024
- All future reg28 and pension contributions will be split into two pots
- One third savings
- Two thirds investments
- You can withdraw the savings component before retirement
- Tax still payable
- Existing funds will convert automatically into the new two-pot system
- Of existing funds R25,000 will be transferred into the savings pot
- Concerns about everybody taking out their R25,000 and crashing the market are over done.
- Pep (owned by Pepkor) has started offering credit to customers, they own Capfin so have experience in lending.
- China will control exports of some metals used in the semiconductor industry. Gallium and germanium are considered “minor metals.” They're not rare but costly to produce and China supplies ±80%
- SARB says fight to tame inflation monster is paying off. First time he has even hinted that maybe inflation is coming down.