Pension Funds Amendment Act 31 of 2024 (English / Afrikaans)

The Pension Funds Amendment Act 31 of 2024 intends:

• To amend:
  • the Pension Funds Act, 1956, so as to:
    • insert certain definitions in order to provide for the introduction of the savings withdrawal benefit; 
    • to provide for the appropriate account of a member’s interest in the savings, retirement and vested components; 
    • to provide for deductions that may be made;
  • the Post and Telecommunications-related Matters Act, 1958, so as to:
    • insert certain definitions in order to provide for the introduction of the savings withdrawal benefit; 
    • to provide the appropriate account of a member’s interest in the savings, retirement and vested components; 
    • to provide for deductions that may be made;
  • the Transnet Pension Fund Act, 1990, so as to:
    • insert certain definitions in order to provide for the introduction of the savings withdrawal benefit; 
    • to provide for the appropriate account of a member’s interest in the savings, retirement and vested components; 
    • to provide for deductions that may be made;
  • the Government Employees Pension Law, 1996, so as to:
    • insert certain definitions in order to provide for the introduction of the savings withdrawal benefit; 
    • to provide for the appropriate account of a member’s interest in the savings, retirement and vested components; 
    • to provide for deductions that may be made, and 
• to provide for matters connected therewith. 

Commencement

23 August 2024 (Gazette 51122 of 26 August 2024)