Maya, for clarity purposes and to make sure I understand, what you are saying is that only 10% or a maximum of R25000 will be available to me once a year and the rest of the money I can only access once I retire? So this effectively means I can't cash out the whole say R100k when I change jobs or resigns as of 01 March 2024?
NO that is not correct. The fund value on 29 Feb will be kept in a vested pot. At any time in the future if you resign you can draw the full value of that vested pot. On 1 March a maximum of R25 000 will be transferred to your savings pot from your existing fund balance. From 1 March, one-third of contributions will be added to the savings pot. You can withdraw from the savings pot once a year as long as the balance is above R2000. For example, if you decided to withdraw money from the savings pot in 2026 (two years later) and for example you had accumulated R50 000 - you could take that full R50 000.
@@mayaonmoney4043 Thank you so much for this clarity, the confusion that is happening out there is leading to a lot of people to make irrational and uninformed decisions. I hope this message you shared, reaches as many people as possibly can before the 01 March 2024. Namaste.
Maya, for clarity purposes and to make sure I understand, what you are saying is that only 10% or a maximum of R25000 will be available to me once a year and the rest of the money I can only access once I retire? So this effectively means I can't cash out the whole say R100k when I change jobs or resigns as of 01 March 2024?
NO that is not correct. The fund value on 29 Feb will be kept in a vested pot. At any time in the future if you resign you can draw the full value of that vested pot. On 1 March a maximum of R25 000 will be transferred to your savings pot from your existing fund balance. From 1 March, one-third of contributions will be added to the savings pot. You can withdraw from the savings pot once a year as long as the balance is above R2000. For example, if you decided to withdraw money from the savings pot in 2026 (two years later) and for example you had accumulated R50 000 - you could take that full R50 000.
@@mayaonmoney4043 Thank you so much for this clarity, the confusion that is happening out there is leading to a lot of people to make irrational and uninformed decisions. I hope this message you shared, reaches as many people as possibly can before the 01 March 2024. Namaste.