{"id":2281,"date":"2023-08-30T03:57:11","date_gmt":"2023-08-30T01:57:11","guid":{"rendered":"https:\/\/surf.sun.ac.za\/?page_id=2281"},"modified":"2025-05-07T08:28:13","modified_gmt":"2025-05-07T06:28:13","slug":"fund-credit-classifications","status":"publish","type":"page","link":"https:\/\/surf.sun.ac.za\/af\/fund-credit-classifications\/","title":{"rendered":"Fund Credit Classifications"},"content":{"rendered":"

[et_pb_section fb_built=”1″ admin_label=”Header” _builder_version=”4.9.10″ use_background_color_gradient=”on” background_color_gradient_start=”rgba(0,19,46,0.6)” background_color_gradient_end=”rgba(0,19,46,0.6)” background_color_gradient_overlays_image=”on” background_image=”https:\/\/surf.sun.ac.za\/files\/2023\/08\/header.jpg” custom_padding=”||120px||false|false” locked=”off”][et_pb_row _builder_version=”4.4.3″][et_pb_column type=”4_4″ _builder_version=”4.4.3″][et_pb_text _builder_version=”4.9.10″ header_font=”|900|||||||” header_font_size=”80px” background_layout=”dark” max_width=”760px” custom_margin=”||||false|false” header_font_size_tablet=”60px” header_font_size_phone=”39px” header_font_size_last_edited=”on|phone”]<\/p>\n

Two-pot retirement system<\/h1>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” admin_label=”Services” _builder_version=”4.9.10″ background_enable_image=”off” background_size=”initial” custom_padding_tablet=”0px||||false|false” custom_padding_phone=””][et_pb_row column_structure=”2_5,3_5″ _builder_version=”4.4.3″][et_pb_column type=”2_5″ _builder_version=”4.4.3″][et_pb_blurb title=”On 1 September 2024 the two-pot retirement system comes into operation” icon_placement=”left” image_max_width=”70px” content_max_width=”100%” _builder_version=”4.9.10″ _module_preset=”default” header_level=”h3″ header_font=”|700|||||||” header_font_size=”35px” header_line_height=”1.2em” body_font_size=”18px” module_alignment=”center” custom_margin=”||||false|false” custom_padding=”||||false|false”]<\/p>\n

 <\/p>\n

Effectively, your retirement savings will comprise of three pots, the vested pot, savings pot and the retirement pot.<\/p>\n

[\/et_pb_blurb][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”4.4.3″][et_pb_text _builder_version=”4.9.10″ _module_preset=”default” custom_margin=”||0px||false|false” custom_padding=”||5px||false|false”]<\/p>\n

Latest Two-pot News Articles<\/strong><\/h2>\n

[\/et_pb_text][et_pb_post_slider include_categories=”82013″ use_manual_excerpt=”off” excerpt_length=”120″ show_meta=”off” bg_overlay_color=”rgba(51,51,51,0.57)” _builder_version=”4.9.10″ _module_preset=”default” header_font=”|600|||||||” custom_button=”on” button_text_size=”16px” button_text_color=”#FFFFFF” button_bg_color=”#0D4C77″ button_border_width=”2px” button_border_color=”#FFFFFF” button_border_radius=”25px” button_font=”|600|||||||” max_height=”360px” custom_margin=”||||false|false” custom_padding=”||||false|false” hover_enabled=”0″ border_width_all=”3px” border_color_all=”#0D4C77″ border_radii=”on|30px|30px|30px|30px” sticky_enabled=”0″][\/et_pb_post_slider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_4,3_4″ _builder_version=”4.9.10″ _module_preset=”default” custom_padding=”||55px|||”][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_image src=”https:\/\/surf.sun.ac.za\/files\/2024\/08\/members55-300×300.jpg” title_text=”members55″ align=”center” _builder_version=”4.9.10″ _module_preset=”default” max_height=”230px” border_radii=”on|50%|50%|50%|50%”][\/et_pb_image][\/et_pb_column][et_pb_column type=”3_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_text ol_item_indent=”6px” _builder_version=”4.9.10″ _module_preset=”default” text_font=”||||||||” text_text_color=”#0D4C77″ text_font_size=”17px” text_line_height=”1.4em” link_text_color=”#0D4C77″ ul_line_height=”1.8em” header_font=”|900|||||||” header_text_color=”#ddccb8″ header_font_size=”36px” header_2_font=”Darker Grotesque|900|||||||” header_2_text_color=”#ddccb8″ header_2_font_size=”36px” header_3_font=”|900|||||||” header_3_text_color=”#0D4C77″ header_3_font_size=”26px” header_4_font=”Darker Grotesque|900|||||||” header_4_text_color=”#ddccb8″ header_4_font_size=”36px” header_5_font=”Darker Grotesque|900|||||||” header_5_text_color=”#ddccb8″ header_5_font_size=”36px” header_6_font=”Darker Grotesque|900|||||||” header_6_text_color=”#ddccb8″ header_6_font_size=”36px” background_layout=”dark” custom_margin=”||||false|false” custom_padding=”10px||||false|false” header_font_size_tablet=”30px” header_font_size_phone=”24px” header_font_size_last_edited=”on|phone” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” header_3_font_size_tablet=”30px” header_3_font_size_phone=”24px” header_3_font_size_last_edited=”on|desktop” header_4_font_size_tablet=”30px” header_4_font_size_phone=”24px” header_4_font_size_last_edited=”on|phone” header_5_font_size_tablet=”30px” header_5_font_size_phone=”24px” header_5_font_size_last_edited=”on|phone” header_6_font_size_tablet=”30px” header_6_font_size_phone=”24px” header_6_font_size_last_edited=”on|phone”]<\/p>\n

Documents for members 55 and older on 01 March 2021<\/h3>\n
    \n
  1. Opt-in in form for members aged 55 and older on March 2021 <\/i><\/a><\/li>\n
  2. Two-pot brochure for members aged 55 and older on 01 March 2021 <\/i><\/a><\/li>\n<\/ol>\n

    General Information<\/h3>\n
      \n
    1. Tax and Processing fees | Savings pot withdrawal<\/a><\/li>\n
    2. Two-pot system – Fast fact 7: Your checklist if you withdraw from your savings pot<\/a><\/li>\n
    3. Member self-help SARS services available via your mobile device<\/a><\/li>\n
    4. Two-pot tax calculator <\/a><\/li>\n<\/ol>\n

      [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_4,1_4,1_4,1_4″ _builder_version=”4.9.10″ _module_preset=”default” custom_margin=”|auto|10px|auto||”][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_image src=”https:\/\/surf.sun.ac.za\/files\/2024\/06\/One.png” title_text=”One” align=”center” _builder_version=”4.9.10″ _module_preset=”default”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_image src=”https:\/\/surf.sun.ac.za\/files\/2024\/06\/Two.png” title_text=”Two” align=”center” _builder_version=”4.9.10″ _module_preset=”default” custom_margin=”||20px|||”][\/et_pb_image][et_pb_button button_url=”https:\/\/surf.sun.ac.za\/files\/2024\/06\/2.-simeka-two-pot-seed-capital-savings-pot-starting-balance.pdf” url_new_window=”on” button_text=”Click here to see how your starting balance will be allocated” button_alignment=”center” _builder_version=”4.9.10″ _module_preset=”default” custom_button=”on” button_text_size=”15px” button_bg_color=”#60223B” button_border_radius=”50px” button_font=”|600|||||||” button_icon_color=”#FFFFFF” background_layout=”dark” custom_margin=”|||20px|false|false” custom_padding=”10px|20px|10px|20px|true|true”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_image src=”https:\/\/surf.sun.ac.za\/files\/2024\/06\/Three.png” title_text=”Three” _builder_version=”4.9.10″ _module_preset=”default”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_text _builder_version=”4.9.10″ _module_preset=”default” text_font_size=”16px” header_text_align=”center” header_font_size=”34px” header_line_height=”1.3em” custom_margin=”66px|||||”]<\/p>\n

      All three pots<\/h1>\n

      make up your<\/h1>\n

      retirement savings<\/h1>\n

      [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default” custom_padding=”12px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_text _builder_version=”4.9.10″ _module_preset=”default” text_font_size=”17px” header_font=”|700|||||||” header_text_color=”#008fb2″ header_font_size=”34px”]<\/p>\n

      The first pot will contain your current savings. Your future contributions to your retirement fund will be split into the other two pots. This means, your retirement pot is kept until retirement, the other pots are accessible before retirement, while also allowing you to gain limited access to your future savings pot for emergencies while you are still employed.<\/p>\n

      [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_5,3_5,1_5″ _builder_version=”4.9.10″ _module_preset=”default” background_color=”#eeefef” custom_margin=”25px|auto||auto|false|false” custom_padding=”40px|20px|20px|20px|false|true” hover_enabled=”0″ border_color_all=”#A88E55″ border_width_top=”2px” border_width_right=”2px” border_width_left=”2px” border_radii=”off|30px|30px||” sticky_enabled=”0″][et_pb_column type=”1_5″ _builder_version=”4.9.10″ _module_preset=”default”][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_text _builder_version=”4.9.10″ _module_preset=”default” text_font_size=”17px” header_font=”|700|||||||” header_text_color=”#008fb2″ header_font_size=”34px”]<\/p>\n

      The vested pot<\/h1>\n

      – Current savings<\/p>\n

      [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.9.10″ _module_preset=”default”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_4,1_4,1_4,1_4″ _builder_version=”4.9.10″ _module_preset=”default” background_color=”#eeefef” custom_padding=”12px|20px|20px|20px|false|true” border_color_all=”#A88E55″ border_width_right=”2px” border_width_left=”2px”][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_image src=”https:\/\/surf.sun.ac.za\/files\/2024\/05\/Vested-1-300×300.jpg” title_text=”Vested” _builder_version=”4.9.10″ _module_preset=”default”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_blurb image=”https:\/\/surf.sun.ac.za\/files\/2024\/05\/i1.1.png” _builder_version=”4.9.10″ _module_preset=”default” body_font_size=”17px” text_orientation=”center”]<\/p>\n

      The value of your retirement savings accumulated up to 31 August 2024<\/p>\n

      [\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_blurb image=”https:\/\/surf.sun.ac.za\/files\/2024\/05\/i1.2.png” _builder_version=”4.9.10″ _module_preset=”default” body_font_size=”17px” text_orientation=”center”]<\/p>\n

      The money in the vested pot will be dealt with as before implementation<\/p>\n

      [\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_blurb image=”https:\/\/surf.sun.ac.za\/files\/2024\/05\/i1.3.png” _builder_version=”4.9.10″ _module_preset=”default” body_font_size=”17px” text_orientation=”center”]<\/p>\n

      You will be able to access it when changing jobs<\/p>\n

      [\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default” background_color=”#eeefef” custom_margin=”||50px||false|false” custom_padding=”12px|20px|20px|20px|false|true” hover_enabled=”0″ border_color_all=”#A88E55″ border_width_right=”2px” border_width_bottom=”2px” border_width_left=”2px” border_radii=”off|||30px|30px” sticky_enabled=”0″][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_text _builder_version=”4.9.10″ _module_preset=”default” text_font_size=”17px” header_font=”|700|||||||” header_text_color=”#008fb2″ header_font_size=”34px” custom_padding=”|30px||30px|false|true”]<\/p>\n

      However, you will no longer be able to contribute to this pot, unless:<\/p>\n

        \n
      • you were a member of a provident fund;<\/li>\n
      • you were 55 years or older on 1 March 2021<\/strong>;<\/li>\n
      • you are still contributing to the same provident fund as at March 2021, and<\/li>\n
      • you did not elect to contribute into the two-pot retirement system.<\/li>\n<\/ul>\n

        [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default” background_enable_color=”off” custom_padding=”40px|20px|20px|20px|false|true” hover_enabled=”0″ border_color_all=”#A88E55″ border_width_top=”2px” border_width_right=”2px” border_width_left=”2px” border_radii=”off|30px|30px||” sticky_enabled=”0″][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_blurb title=”The savings pot” image=”https:\/\/surf.sun.ac.za\/files\/2024\/05\/Savings-300×300.jpg” icon_placement=”left” image_max_width=”300px” content_max_width=”100%” _builder_version=”4.9.10″ _module_preset=”default” header_level=”h1″ header_font=”|700|||||||” header_text_color=”#fcc71b” header_font_size=”34px” header_line_height=”1.6em” body_font_size=”17px” body_ul_position=”inside” body_ul_item_indent=”17px” background_enable_color=”off”]<\/p>\n

        – Seed amount and future savings<\/p>\n

        10% <\/span><\/strong>Of the value in your vested pot accumulated up to 31 August 2024 will be your opening balance<\/p>\n

        This opening balance is known as the seed capital, but may not be more than R30 000.<\/p>\n

        \u2153 rd <\/span><\/span><\/strong>From 1 September 2024 one-third of your retirement contributions will go to the savings pot<\/p>\n

        You do not have to withdraw from your savings pot if you do not need the money. What you do not withdraw from your savings pot during your membership will form part of your retirement lump sum when you retire.<\/p>\n

        [\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_4,1_4,1_4,1_4″ _builder_version=”4.9.10″ _module_preset=”default” background_enable_color=”off” custom_padding=”12px|20px|20px|20px|false|true” hover_enabled=”0″ border_color_all=”#A88E55″ border_width_right=”2px” border_width_bottom=”2px” border_width_left=”2px” border_radii=”off|||30px|30px” sticky_enabled=”0″][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_blurb image=”https:\/\/surf.sun.ac.za\/files\/2024\/05\/i2.1.png” _builder_version=”4.9.10″ _module_preset=”default” body_font_size=”17px” text_orientation=”center”]<\/p>\n

        You can withdraw from the savings pot, for emergencies, once in every tax year<\/strong><\/p>\n

        [\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_blurb image=”https:\/\/surf.sun.ac.za\/files\/2024\/05\/i2.2.png” _builder_version=”4.9.10″ _module_preset=”default” body_font_size=”17px” text_orientation=”center”]<\/p>\n

        You will be able to submit a withdrawal instruction for this seed capital to be paid to you if it is more than R2 000<\/strong><\/p>\n

        [\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_blurb image=”https:\/\/surf.sun.ac.za\/files\/2024\/05\/i2.3.png” _builder_version=”4.9.10″ _module_preset=”default” body_font_size=”17px” text_orientation=”center”]<\/p>\n

        An administration cost<\/strong> to process the withdrawal will also be deducted<\/p>\n

        [\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_blurb image=”https:\/\/surf.sun.ac.za\/files\/2024\/05\/i2.4.png” _builder_version=”4.9.10″ _module_preset=”default” body_font_size=”17px” text_orientation=”center”]<\/p>\n

        Seed capital amount will be taxed<\/strong> at your normal tax rate before it is paid to you<\/p>\n

        [\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default” background_color=”#eeefef” custom_margin=”50px||||false|false” custom_padding=”40px|20px|20px|20px|false|true” hover_enabled=”0″ border_color_all=”#A88E55″ border_width_top=”2px” border_width_right=”2px” border_width_left=”2px” border_radii=”off|30px|30px||” sticky_enabled=”0″][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_blurb title=”The retirement pot” image=”https:\/\/surf.sun.ac.za\/files\/2024\/05\/Retirement-300×300.jpg” icon_placement=”left” image_max_width=”300px” content_max_width=”100%” _builder_version=”4.9.10″ _module_preset=”default” header_level=”h1″ header_font=”|700|||||||” header_text_color=”#658883″ header_font_size=”34px” header_line_height=”1.6em” body_font_size=”17px” body_ul_position=”inside” body_ul_item_indent=”17px” background_enable_color=”off”]<\/p>\n

        – Future savings<\/p>\n

        <\/span><\/strong><\/p>\n

        \u2154 rds <\/span><\/span> From 1 September 2024 two-thirds of your contributions will go to the retirement pot<\/strong><\/p>\n

        <\/strong><\/p>\n

        You will not have access to the retirement pot when changing jobs or during emergencies.<\/p>\n

        [\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_4,1_4,1_4,1_4″ _builder_version=”4.9.10″ _module_preset=”default” background_color=”#eeefef” custom_padding=”12px|20px|20px|20px|false|true” hover_enabled=”0″ border_color_all=”#A88E55″ border_width_right=”2px” border_width_bottom=”2px” border_width_left=”2px” border_radii=”off|||30px|30px” sticky_enabled=”0″][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_blurb image=”https:\/\/surf.sun.ac.za\/files\/2024\/05\/i3.1.png” _builder_version=”4.9.10″ _module_preset=”default” body_font_size=”17px” text_orientation=”center”]<\/p>\n

        You will gain access to the retirement pot when you reach the age of retirement<\/p>\n

        [\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_blurb image=”https:\/\/surf.sun.ac.za\/files\/2024\/05\/i3.2.png” _builder_version=”4.9.10″ _module_preset=”default” body_font_size=”17px” text_orientation=”center”]<\/p>\n

        You may only receive the money in the retirement pot as a monthly pension when you retire<\/p>\n

        [\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.9.10″ _module_preset=”default”][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.9.10″ _module_preset=”default” custom_padding=”22px|||||”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_column type=”1_2″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_video src=”https:\/\/youtu.be\/yKC0QtW5LZU” _builder_version=”4.9.10″ _module_preset=”default”][\/et_pb_video][et_pb_text _builder_version=”4.9.10″ _module_preset=”default”]<\/p>\n

        Member initiated 2 pot Savings Withdrawal Benefit Claim Demo<\/span><\/h3>\n

        [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.9.10″ _module_preset=”default”][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>","protected":false},"excerpt":{"rendered":"

        Two-pot retirement system  Effectively, your retirement savings will comprise of three pots, the vested pot, savings pot and the retirement pot.Latest Two-pot News ArticlesDocuments for members 55 and older on 01 March 2021 Opt-in in form for members aged 55 and older on March 2021 Two-pot brochure for members aged 55 and older on 01 […]<\/p>","protected":false},"author":11016,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"folder":[],"class_list":["post-2281","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/surf.sun.ac.za\/af\/wp-json\/wp\/v2\/pages\/2281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/surf.sun.ac.za\/af\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/surf.sun.ac.za\/af\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/surf.sun.ac.za\/af\/wp-json\/wp\/v2\/users\/11016"}],"replies":[{"embeddable":true,"href":"https:\/\/surf.sun.ac.za\/af\/wp-json\/wp\/v2\/comments?post=2281"}],"version-history":[{"count":41,"href":"https:\/\/surf.sun.ac.za\/af\/wp-json\/wp\/v2\/pages\/2281\/revisions"}],"predecessor-version":[{"id":3599,"href":"https:\/\/surf.sun.ac.za\/af\/wp-json\/wp\/v2\/pages\/2281\/revisions\/3599"}],"wp:attachment":[{"href":"https:\/\/surf.sun.ac.za\/af\/wp-json\/wp\/v2\/media?parent=2281"}],"wp:term":[{"taxonomy":"folder","embeddable":true,"href":"https:\/\/surf.sun.ac.za\/af\/wp-json\/wp\/v2\/folder?post=2281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}