Few employees found it necessary to check whether their employers actually paid over their pension fund contributions and those of the employer before the two-pot retirement system was implemented, and they found there were no funds in their pension funds. Now, labour inspectors must check that too.
The two-pot retirement system was implemented on 1 September 2024 to give pension fund members the opportunity to access a third of their retirement savings once every year to pay for emergencies. This was done to prevent people from resigning their jobs just to get to their pension fund money that would then be paid out in full.
With the two-pot retirement system, two-thirds of your pension stays in the fund , even if you resign, and then you can only move it to another fund.
