Hasty pension fund withdrawals warning
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- čas přidán 12. 06. 2024
- The Institute of Retirement Funds Africa has appealed to pension fund members to refrain from hastily withdrawing their life savings as the implementation of the two-pot system looms.
The IRFA, which represents the retirement sector in South Africa and on the continent, has identified the growing trend among some pension fund members who are resigning to receive their full pension payouts.
The new two-pot system due to kick in on the 1st of September will allow members to receive a small portion of the retirement savings without having to tender for their resignation.
IFRA says the new law will ensure that workers who are members of pension funds retire with adequate savings.
For more on what it means for the retirement industry and pension fund members, we are joined virtually by Geraldine Fowler, President of the Institute of Retirement Funds Africa.
For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.
The money going to the fund is already taxed, why do taxpayers pay so much tax in SA? Our money is taxed over and over again
True , it's the money remaining from whatever they have already taxed. The burden of being a tax payer is that the state is always looking for ways to make you pay more tax.
Tax is the biggest scam run by government and we let that happen without a problem.
@@neltondlamini8298daylight robbery
This is why the rich don't do RAs and Pensions funds, they use your contributions to pump the share prices that they invest in and use profits to buy property. It's all a ponzi really.
You are funding SASSA babies and the 'employees' of the failed ANC SOE's.
Being working class in South Africa is becoming depressing day by day 😢
Bloody scammers,why should you decide for people on what to do with their money
You need a brain Domkop !!!
Scammers! Leave our money alone u thieves...
We must fightt this people but we all quiet
I'm surprised that people are embracing it
People are too demoralized and have chosen to become keyboard warriors instead of bringing the entire country to a halt.
Can you imagine? My sentiments exactly.We as South Africans we are screwed!
Yeah ne',big problem
@@teem7303 But when people tried what you are saying in July 2021, you called them names and supported state agents beating them and arresting them. So do you now see why people are silent this time?
Thank you SABC, this clarifies all about the the 2 pot system! ❤
Please SA,reduce Tax,,we. Workers earn money to feed others not us,it's painful
Take yols money out !!!!!
Companies have no right to restrict us from withdrawing. They stand to loose more when people withdraw😡😡😡😡🤬🤬🤬
What do we do with 30k 😢 mnxm making rules on our monies
Screw government, their fingers must refrain from others money. A politician is. It a financial advisor.
So my retirement funds are not mine anymore.. You will play with it, manipulate it as you see fit.. Rather stop now and create your own "savings" fund.. Let me ask you, what can R30 000 afford now a days.. You can't start a business, not even rent for two months.. You will only be permitted what they decide.. Like your own nice social grand for the middle class.. What luxuries..?
Your money generate interest and profits for them..
And inflation is always a step ahead of earnings. So the figure you are shown when you start paying your pension, is not really that figure, as it's rand value will be a fraction the rand value when u start paying... We are living in a financial system, that in essence is one huge scam.
@@gavinvonmeyer37460
@@gavinvonmeyer37468
Remove your retirement funds
The SACP party leaders want to tell us how we should use our money
30k .,.this is bullshit
They plan to use from our money to fund their failing infrastructure
Big mistake.
Fully agree, I still cannot believe they went foward with this. SARS will collect more revenue from withdrawals
Young people please do not invest any of your money into this institutions rather open a savings account at your bank were you can invest and can withdraw all your money when you retire one day.
The earliest a retirement funding can or should be withdrawn from your personal pension fund is fifty five, it all depends on what your personal pension plans were. I am so delighted that this is made clear to the pension fund holders 🙌
2 truths that people should know about this retirement pots.
1. You will get 10% of your money but that 10% must be less than R30 000.
That means if your 10% is 1 million the highest amount you will get is R30 000 before tax
2. You will claim once a year.
Summary is it doesn't matter how much money you have no one will ever get net claim of R25 000. Because maximum is R30000 and it will be taxed somewhere 30%
So people must not raise their expectations that I will get my money built house, buy a car, take my child to university, marry my wife and so on and so on forth or anything beyond R20 000
30k is f all in this day and age.
Marry your wife?? 😅
I will not do anything with 30000
Lol 😂😂😂@@shawnberry6110
After tax of 30% , the withdrawal amount would be R21 000
People the 2pot is a scam do not be deceived
This is a bad idea👎
So they tax us to death now they want to dictate what we can do with our money,sounds fishy to me, government are notorious crooks their running of state owned enterprises is a true indication of what's to come
Who said we need that port touching our money without our concern is an offence please unions standup we pay you to do your job please this is our money
What debt can be settled with a mere R30 000?
Didn't they initially say this is being done to prevent highly indebted workers from retiring in order to pay & settle their debts???
This is just not clear & suspicious.
I mean if one has a debt that is higher than 100 000 what value will 30 000 bring??
I would rather just leave my savings the way they are or just resign in order to be able to settle my debts if they are more than 30 000.
Confusion is what i foresee . . . . ."
Exactly my concern.i cannot settle any debt with 30000.i won't even bother to withdraw
To my understanding, even if you resign. You are forced to wait for retirement age to cash you own money. I stand to be corrected
This is nonsensical, what will I do with R30,000. Can't pay a single debt. Rather leave my savings until I retire instead of giving them the portion my savings through tax. This is their way of raising more money. None of the middle class will see a benefit from this peanuts because most of us are over indebted but being instructed how to usltilize our money.
Unions agreed .that's the prob
They engineered a system which a working class cannot be debts free before you do anything you can't survive after Highly taxed Salary this follows 1.highly taxed Electricity 2. Highly taxed Fuel 3. Highly taxed Groceries . 4. Highly interest rate on your debts
Almost 80% goes to Government 😪
Because they’ve stolen the money already. There’s nothing left so they can’t allow you to draw any more. It’s gone,
Blah Blah , we gonna take what is yours again .Thiefs !!!
I think our biggest challenge as a working class is that we are divided.
I am holding a strong view that this two pot system is not Going to help us but it meant to generate more money for insurance companies.
As a unionist, i am against this system
They tax pensions at 36% Plus R203 000. Now they introduce two port system which prevents employees from deducting money before they reach retirement. When employee resign or discharged from employment, they will be hungry because big brother is keeping their money. When they die before retirement their children are in trouble and there will be nothing for the family. The big brother will keep the money. This is absolutely poppycock.
SARS must also be in order with regards keeping their hands off claimed and unpaid tax refunds (which they through inside jobs stole) before they deduct tax monies in arrears....
Naked exploitation 😮
You lose big time if you take money from your savings pot before you actually retire. You are taxed at a higher rate for each withdrawal and are losing on the tax free amount upon retirement if you take one third then. The tax free amount is not applied to withdrawals before retirement as I understand it.
She was not clear on tax implications. This will be taxed in range of 45% up wards. This is wrong, may on the first withdrawal it should be tax free....
Better together for who😢
Who said we need you to hold our money??
Yoo also taxing it 🙆🏼♀️🙆🏼♀️ 😲
Definitely! 🙈
When seeking job you are alone after you got the job they are here to plan your money😢
Guys we are buried alive here, as government employees we can’t even afford to buy house we love, cars while we studies so many yrs let’s alone to pay fees for our kids 😢
The all south Africans they should United as one to make strong move n show the world how south africa is strong than ever ,this beautiful south Africa represents as United States of africa
I'm resigning now and il fight later. This happened in Zim I'm told
Very fascinating topic. I even talked about TWO Pot System in one of my videos here on CZcams. Looking forward to the implementation.
And were all smile when signing the two pot system bill or whatever you named it!!!
😢😢😢
Oh gosh I hope now people get it. Don't budget this money, don't touch this money, because how many of us working class have R30K deduction on monthly basis and more of which 10% only can be withdrawn in tis 2 pot system and taxed on your own money withdrawn from your own untaxed bracket should you go on retirement?? This wasn't the mandate given to our unions, this is a typical example of how Cosatu keeps on letting down the workers hence I didn't vote. Workers must unite form a party of workers/retire workers and graduates with no existing political affiliations and we build the ran down ecomy by anc and apartheid legacies. Msebenzi not yet uhuru, Aluta 😢🙄✊🏽
I Strongly believe one shouldn't withdraw cos tax implications are quite hasty, resulting to owing SARS n your retirement fund compromised😢😮😢
So, they are basically treating people like children just giving them an allowance to spend. Pretty much telling people that they think that the people are too stupid to handle their own money and that they should let government decide how much of their own money they can spend.
I wonder what the country will do when we all resign from our jobs and take our money out from the banks due to mistrust 🤷🏽♂️
😢😢😢
My thoughts exactly
Take your money
Do you have any idea how much you loose when you take only part of pension. Tax - Your pension will not be enough to live on.
Just want to know, some employees contribute volunteer extra 50-400r per week , how will I benefit from this Xtra savings?
Pensioners get taxed too youll just kill us. 😢
I don't understand why we should decided by other people with our money. People they are indebted , they are under administration & debt review. The painful part is most of the tax payers especially local government employees they struggle even to buy their kids a shelter because they don't qualify.
South Africans are in so much debts I’m sure R30 000 wont cover half your debts or uplift your business ideas 😢or even restore small business 😮
Tbe retirement fund dont belong to employee we pay from our salaries for the provident they .make the rules they did not consult us its bullshit
we being governed by gangsters in the whole world
They must consult employees first
Cut the president's salary for heaven's sake......his a billionaire and living for free off our hard earned money......
The devil 👿 makes sure that people would never enjoy their retirements and those who heard the prophecy will take their money out from devils covins
Is this only for state pension and retirement funds?
I wonder what happens if your retirement has been transferred to a different service provider but the transfer of your funds hasn't happened physically on the new service provided. If this two-pot system kicks in without your full funds, would i have servings in two different service providers until the physical transfer has taken place or would i only have what on the new service provider without my full retirement transfer.
The later makes sense.
What to do with that R30000 can anyone assist me to understand
I swear Government got the workers on the jugular vein,i once said COSATU is a big sell out to workers,this is the biggest betrayal workers ever face,sold by Cosatu and unions.No wonder AMCU was formed,mine workers saw that NUM is useless because is union under COSATU,which is also the cousin of the corrupt ANC
It is true, cosatu is a sellout, cosatu is anc, there's nothing cosatu helps us workers with, except looking for positions, the like as Sadtu, I just wish we csn all cancell our memberships with this unions
@@venusrikhotso9778 i so wish all these unions can break away from Cosatu. popcru,Sadtu,Denosa and nehawu but they are still blind cannot see they being used by COSATU,look at the mine workers,why AM I was formed,it's because they saw NUM is useless because of COSATU.
You will stand in lines and then computer offline and its a nightmare in rhe making,or get robbed on the way to collect,all a set up
Who approved this scam...jesses
With your unions.. the mother or father union is always there to decide for workers
THIS MAN IS STIRING CHITT WITH THE POEPLES MANY ..IT IS NOT THEAR MANY WE WORKT FOR IT AND TAXT SO FOERTSEK
This is not going to work .Another way to make the pension BATTLE.
Its jus a way to get more tax money
How many % tax?
Withdraw all pension funds as quickly as possible.
Why does Lee ann thinks we want to buy luxuries.come one man.people are struggling.
No this is so wrong why people decide for others money, what can you do with 30k?
I see a lot of suffering in the future !!!!
No no no don't fight them just don't access the 2pot simple.
Scams
How is a 30 K going to relieve anyone with distress
Skelms
How many times must we be taxed?
Eish, huge mistake
i saved my money with an agreement tht i can take it out - now that the payout is due, the law changes, which is a breach of my contract that i had when istarted saving this is bullshit
It's not beneficial at all we don't want the 3pot half your pension fund will be going to SARS
COSATU must interven
Soyiki into ezakwenzeka
Why usoyika?
Me too and it won't even make sense
The SACP should have a look into Das Kapital a communist is not corrupt and greedy for money
Bullshit they the biggest crooks, you don't know what you talking about .make sure of what you say .
COMMUNIST are gangsters.😅😂😊
You dontneed to do any homework .Scammers
Without consulting us
We the working class have no word or opinions it's heart breaking 😢
Whose idea was this
Thy.wane.steel.ouer.mony!!
Which September? This is rubbish
Scam indeed
Can money be drawn from retirement aunity
Nothing...
Ponzi scheme....niyatshontsa.... Money is in consciousness.....scammmmmmm...is our money plz stay away..
I dont want this😮
Scare tactics won't work , our company has ppl leaving every week , government and unions are not transparent ,so ppl don't care about consequences they take their hard earned cash and run
NONSENSE!
😮I 😢
Cash robbery tru TAX
Scammers
6yuivu
Zuma the last man standing...
.
uBaba usacananga....
Steal for the last time...
Heists 99
Oh gosh I hope now people get it. Don't budget this money, don't touch this money, because how many of us working class have R30K deduction on monthly basis and more of which 10% only can be withdrawn in tis 2 pot system and taxed on your own money withdrawn from your own untaxed bracket should you go on retirement?? This wasn't the mandate given to our unions, this is a typical example of how Cosatu keeps on letting down the workers hence I didn't vote. Workers must unite form a party of workers/retire workers and graduates with no existing political affiliations and we build the ran down economy by anc and apartheid legacies. Msebenzi not yet uhuru, Aluta 😢🙄✊🏽