Babalo Ndenze18 April 2024 | 11:20

NCOP programmes committee sets date for further consideration of Pension Funds Amendment Bill

Parliament is in a rush to adopt several pieces of legislation including the Pension Funds Amendment Bill, which will allow for early access to pension funds.

NCOP programmes committee sets date for further consideration of Pension Funds Amendment Bill

Picture: Franz W/Pixabay

CAPE TOWN - Parliament is in a rush to adopt several pieces of legislation including the Pension Funds Amendment Bill, which will allow for early access to pension funds.

On Thursday, the National Council of Provinces (NCOP) programme committee set a date for the bill’s further consideration with plans to adopt it before the end of the current term in May.

Trade unions have also welcomed amendments to the bill by the National Assembly to ensure Government Employees, Transnet and Post and Telecommunications Pension Funds are included in the two-pot reforms.

READ: Parliament unanimously endorses new bill allowing pension fund holders to withdraw savings early

In his 2022 Budget Speech, the Minister of Finance, Enoch Gondongwana, announced for the first time the government’s plan to restructure the retirement system to allow for partial access to funds through a “two-pot” system.

The NCOP took a further step forward in getting the far-reaching pension reforms passed by Parliament.

NCOP secretary Modibedi Phindela said the bill would return next week on Wednesday for further consideration.

"And finally we will have the select committee on finance that will consider or deliberate on the Pension Funds Amendment Bill."

The bill moves ahead despite some companies saying that there is not enough time to get everything ready for the implementation of the two-pot retirement system, set for 1 September.