Pension fund admins face 'monumental task' for two-pot system, with law yet to be finalised

The Association of Savings and Investment South Africa (Asisa) has said pension fund administrators are facing a "monumental task" to ensure changes to pension funds can be made before the two-pot system is implemented later this year. 

With Parliament seeking to finalise legislation before the 1 September implementation date and workers anxiously waiting to withdraw from their retirement savings, Asisa senior policy advisor, Adri Messerschmidt, said there is little time left to finalise implementation of systems changes and business processes. 

While the organisation was confident the legislation would be done in time, she said pension fund administrators have been forced to work alongside draft rules to prepare for the new retirement system.