On the 1st September, the long-awaited two-pot retirement system has officially come into effect. One-third of a workers’ contributions will be allocated to their savings pot, from which they’ll be able to make withdrawals once per tax year.

According to Treasury, the motivation behind the new system is to ensure that workers who are struggling financially can tap into a portion of their retirement savings to help ease their financial status.

However, not all factions are too welcoming of Treasury’s decision, with some labelling the initiative as a “scam” and a “raw deal” for workers.

In this edition of Prime Talk…we unpack what the two-pot retirement system actually entails, the misconceptions and criticisms.

This evening, we’re joined by:

• Director and Wealth Advisor for PSG Wealth – Elke Brink