Member Newsletter
Quarter 3 • 2024
Dear Member
The two-pot retirement system is now in effect. It started on 1 September 2024 and aims to support South Africans financially before they retire, as well as improve their retirement savings.
In this newsletter are some two-pot system fast facts about making withdrawals from your savings pot. For example, you are only allowed to make one withdrawal per tax year, and the minimum withdrawal amount is R2 000. Please bear in mind that withdrawals should be for financial emergencies only. You can only make a withdrawal by using AF Connect. Follow the simple sign-up process, which we explain step by step.
Is your Last Will and Testament up-to-date? Remember to update your will whenever you have a change in your life, such as a marriage, divorce, or the birth of a child.
We also show the recent investment performance of the Balanced Growth Portfolio. We remind you to avoid withdrawing from your retirement savings. Let your savings grow – your future self will thank you.
THE TWO-POT SYSTEM IS NOW ACTIVE
The two-pot retirement system started on 1 September 2024
Two-thirds go into your retirement pot.
One-third goes into your savings pot.
Two-pot system fast facts
- One withdrawal allowed in a tax year: 1 March to 28 February.
- R2 000 is the minimum withdrawal allowed from your savings pot: This withdrawal is taxable at your marginal tax rate.
- How do you claim? Savings pot withdrawals must be submitted online through AF Connect. Go to online.alexforbes.com to log on or to register with AF Connect.
How to make a withdrawal
- 1Visit online.alexforbes.com
- 2Select Register.
- 3Fill in your details in the simple four-step process.
- 4Create your own password.
- 5You will receive an email or SMS confirming that you are registered.
- 6Please note that linking to your profile may take up to three working days.
- 7You will receive a confirmation email once your profile has been linked.