Welcome to the Glacier Retirement Fund Member hub where you will find all the available information on the latest retirement reform change (the Two-Pot System) that became effective on 1 September 2024. This page is aimed at providing you with generic information only — all collateral featured on this page will be updated with the latest detail as they develop.

National Treasury explains that the dilemma with the current retirement regime is that individuals are able to make full withdrawals from their pension or provident fund when they cease employment, and once-off withdrawals from their preservation fund(s). These withdrawals are leaving South Africans high and dry when it comes to capital to provide an income during retirement, causing financial distress and hardship.

Any withdrawal from retirement savings prior to retirement will certainly have a detrimental impact on your retirement, as you will have less capital with which to purchase an income. And the loss in value should not just be measured by the withdrawn amount. Savings in retirement funds are protected from creditors, have tax benefits and are not estate dutiable in the event of death before retirement. These benefits, along with the power that compounded interest growth gives to future income, go a long way to ensuring financial security in retirement. There is very little chance of recovering from such a withdrawal in monetary terms, and it is of the utmost importance to not make this decision lightly and certainly not without the professional advice of a financial adviser.