South Africa Lawmakers Conform to Postpone Pension-System Overhaul

South African lawmakers agreed to postpone by a minimum of six months plans to permit savers early entry to a part of their pensions.

A parliamentary finance committee final month agreed to introduce a so-called two-pot pension system from March 1, even after the Nationwide Treasury and the retirement trade sought to delay its implementation. The brand new association will allow people to contribute one-third of their financial savings into an account that may be accessible at any time, whereas two-thirds should solely grow to be out there at retirement.