Pension fund Bill back in NA, as Parliament wraps up its work

Reading Time: 2 minutes

The Pension Funds Amendment Bill is, on Thursday, expected to be brought before the National Assembly for final approval.

This is one of the Bills that the House will debate and consider after the National Council of Provinces (NCOP) made changes and sent them back to the Assembly.

It is one of the two Bills that seek to make provision for the so-called two-pot system to allow pension fund members to access one-third of their benefits from the savings pot.

The Standing Committee on Finance, which adopted the report with the NCOP amendments on Monday, will bring the report and the Bill to the House to seek its final approval.

If passed by the Assembly today, the Bill will be sent to the President to sign it into law.

Once the President has signed it into law, together with the Revenue Laws Amendment Bill which has already been passed by both Houses, implementation of the two-pot pension reform system is expected to come into effect from 1 September this year.

Meanwhile, members of the National Assembly and NCOP delegates are today expected to bid one another farewell in their last sittings of this sixth Parliament.

The two Houses are also expected to consider various priority bills for final approval.

Some of the Bills expected to be brought before the National Assembly today include the Pension Funds Amendment Bill and the Basic Education Laws Amendment Bill (BELA Bill), which were amended by the NCOP and sent back to Assembly for concurrence.

And one of the Bills to be considered by the NCOP include the General Intelligence Laws Amendment Bill and the Electricity Regulation Amendment Bill.

Both Houses will end their last sittings with farewell speeches just 13 days before the watershed general elections expected on May 29.

Concerns linger about two-pot retirement system