South Africa-Over 55’s opting into the two pot component retirement system

If a person who was over age 55 on 1/3/2021 and decides to opt into the two pot component retirement system there is functionality to move the person’s contract into the two pot component retirement system.

Go to the the relevant contract

Un-select ‘Ignore component/pot splits’

The Default client account will change to ‘Savings component (default)’ and the option to seed 10% (up to a maximum of R 30 000) to the savings component will become available.

Clicking on ‘Seed 10% to savings component’ will do the required seeding

Once ‘Ignore component/pot splits’ has been un-selected, it cannot be selected again.

NOTE: Only users with the global permission ‘Investor admin’ can un-select and seed.

Last Updated on 2 years ago by Antoinette Van Meyeren