The Portfolio Committee on Public Service and Administration obtained a briefing yesterday from the Authorities Staff Pension Fund (GEPF) on the fund’s state of readiness to implement the two-pot system to its virtually 1.3 million public servant members when the brand new system comes into impact on 1 September 2024.
The committee welcomed the preparations that intention to make sure GEPF members have a user-friendly expertise when utilizing the net software system to entry their pension fund data. This “app” will give members a dashboard view of their retirement pots and a chance to withdraw funds from the financial savings pot, as per the brand new guidelines of the two-pot retirement system.
The committee famous the issues that some public servants don’t perceive how the brand new two-pot system works, however the committee is inspired by the GEPF’s dedication to proceed educating its members.
The committee additionally welcomes the laws’s intention to guard South Africans’ retirement financial savings, in addition to the truth that members will have the ability to entry a element of their financial savings earlier than retirement with out having to resign from their job. That is meant to assist them in occasions of unexpected monetary emergencies.
The committee calls upon members of the general public service to spotlight any frustrations with the implementation of the brand new system in order that the committee can adequately fulfil its oversight tasks over the GEPF and its execution throughout the guidelines of the brand new two-pot retirement system.
Distributed by APO Group on behalf of Republic of South Africa: The Parliament.