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Legacy policy exemption in retirement annuities
Cape Argus
|May 06, 2025
MEMBERS of pension funds are advised to understand that a legacy policy, any policy in respect of a retirement annuity plan entered into before September 1, 2024, is exempted from the two-component benefit system, according to the pension funds adjudicator, Muvhango Lukhaimane.
She says the two-component pension system, implemented on September 1, 2024, was designed to offer greater flexibility to retirement fund members by splitting contributions into two distinct components.
One-third of the contributions are allocated to a Savings Component, which allows members to make withdrawals before retirement, while the remaining two-thirds go to the Retirement Component, which must be used to purchase a retirement income product upon reaching retirement age.
Recently, Lukhaimane ruled on a complaint from a fund member who was frustrated that the South African Retirement Annuity Fund denied his request to withdraw from his savings component.
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