Two-pot retirement system a huge success

The Financial Sector Conduct Authority (FSCA) says the implementation of the two-pot retirement system was a huge success.

- Ina Opperman

The retirement system was a major change in the industry with assets to the value of R3.15 trillion managed by 887 active retirement funds for about 155 000 active employers in funds under FSCA supervision.

Corlia Buitendag, departmental head: Retirement Funds Conduct Supervision at the FSCA, said at a media roundtable on Friday that the successful implementation was thanks to all partners, including the pension funds industry, national treasury, SA Revenue Service, FSCA, labour and civil society.

Since the implementation of the system, the FSCA received 853 applications for rule amendments from pension funds and registered 837 registered (98% completion), with 11 applications still waiting for responses from industry and five with analysts for consideration.