President Cyril Ramaphosa has assented to the Pension Funds Amendment Bill which amends pension-related legislation to enable the implementation of the recently legislated two-pot retirement system, geared towards bolstering retirement savings.

The new Pension Funds Amendment Act amends the Pension Funds Act of 1956, the Post and Telecommunications-Related Matters Act of 1958, the Transnet Pension Fund Act of 1990 and the Government Employees Pension Law of 1996.

The law provides for the introduction of the savings withdrawal benefit; the appropriate account of a member’s interest in the savings; retirement and vested components, and the deductions that may be made.

The Act requires pension funds to amend their rules, adjust their investment portfolios and prepare administrative systems for pension fund members to apply to access portions of their pension funds from 1 September 2024.

This law complements the Revenues Laws Amendment Act, 2024 (Act No. 12 of 2024), which was signed by the President on 11 June 2024.

Government has proposed a reform to the retirement saving regime, which will see the introduction of the “two-pot” retirement system. From the proposed date of 1 September 2024, one-third of retirement contributions will be split into a savings component and two-thirds into a retirement component.

What is in the “savings component” will be available for withdrawal at any time before retirement. The ability to unconditionally access amounts from the “savings component” will be provided without the member having to cease employment or having to resign. A member will be allowed to make a single withdrawal within a year of assessment.

The minimum withdrawal amount is R2 000. The ability to withdraw from the “savings component” will be applicable on a per fund or per contract basis.

Withdrawals from the “savings component” will be added to the individual’s taxable income and will be taxed at their marginal tax rates.

Retirement funds will on or soon after 1 September 2024, be required to create another component known as the “retirement component”, which will be housed within the current retirement fund.

Individuals will be required to contribute an amount of two-thirds of the total individual retirement fund contributions to the “retirement component”.

The assets in the “retirement component” will be required to be preserved until retirement (i.e. withdrawals from this component can only be accessed by the member upon retirement as per the fund rules).

Once a member has reached retirement age and retires, the “retirement component” is to be paid in the form of an annuity (including a living annuity).

This dispensation gives members of retirement funds access to retirement savings without having to resign or cash out entire pension funds.

Distributed by APO Group on behalf of The Presidency of the Republic of South Africa.

President Joseph Nyuma Boakai, Sr.  has held a strategic meeting with renowned entrepreneur and the world’s wealthiest businessman Elon Musk.

Held virtually, the high-level meeting provided an opportunity for Mr. Musk to express his gratitude for the engagement with President Boakai and commended the Ministry of Foreign Affairs, particularly acknowledging the efforts of Minister Sara Beyslow-Nyanti and her Team for their exceptional coordination and facilitation.

President Boakai highlighted the importance of such engagement, noting that it serves as an opportunity for relationship building and long term mutually beneficial outcomes.

The President also emphasized the significance of technology to the youthful generation of Liberia as well as key sectors, noting the need for collaboration and helping in the service delivery sectors for Liberia.

During the discussion, Mr. Musk emphasized the significance of the Starlink program, a satellite internet constellation operated by Starlink Services, LLC, with coverage of 80 countries, and articulated his support for advancing initiatives related to education and healthcare.

He underscored the potential impact of internet connectivity in empowering rural communities and driving progress in vital sectors.

Expressing genuine optimism, President Boakai conveyed his confidence that the engagement with Mr. Musk on the margins of Liberia’s 177th celebration serves as a gift to the nation underscoring a commitment to nurturing a positive and enduring relationship.

Furthermore, the Liberian Leader extended an open invitation to Mr. Musk and his Team to visit Liberia, reaffirming his Government’s dedication to continual engagement and collaboration.

The dialogue between President Boakai and Mr. Musk underscores a pivotal moment in advancing international partnerships and leveraging technological innovation for the betterment of Liberia and its citizens. This initiative is a crucial component of the Government’s ARREST (Agriculture Roads Rule of Law Education Sanitation&Tourism) Agenda.

Distributed by APO Group on behalf of Republic of Liberia: Executive Mansion.

Deputy Foreign Minister Pahala Mansury emphasized the importance of reviving the spirit of Global South solidarity, particularly between Indonesia and Africa.

This was conveyed by Deputy Foreign Minister Pahala during a meeting with the Deputy Minister of Foreign Affairs and East African Cooperation of Tanzania, Mbarouk Nassor Mbarouk, and Tanzanian business leaders in Dar es Salaam (20/7).

During a Breakfast Meeting with Tanzanian business leaders, Deputy Foreign Minister Pahala discussed plans for the 2nd Indonesia-Africa Forum (IAF), aimed at revitalizing the spirit of Global South solidarity, especially between Indonesia and Africa.

In this context, Deputy Foreign Minister Pahala extended invitations and expressed hope for the presence and active participation of Tanzanian entrepreneurs in the 2nd IAF, particularly in country-specific business forums, exhibitions, and other related business meetings. 

During this opportunity, apart from exploring various potential collaborations, especially in capacity building, critical minerals, and infrastructure, Deputy Foreign Minister Pahala also encouraged the finalization of concrete collaborations between the two countries to be part of the deliverables of the 2nd IAF.

Furthermore, during a meeting with Deputy Minister of Foreign Affairs and East African Cooperation of Tanzania, Hon. Mbarouk Nassor Mbarouk, Deputy Foreign Minister Pahala expressed hopes for the attendance of the President of Tanzania, government officials, and Tanzanian business community at the 2nd IAF.

During this occasion, Deputy Foreign Minister Pahala also conveyed Indonesia’s interest in exploring the establishment of a Preferential Trade Agreement and Bilateral Investment Treaty to further strengthen economic cooperation between the two countries. 

Deputy Foreign Minister Pahala also advocated for enhancing existing cooperation between the two countries in sectors such as agriculture and food security, oil and gas, and healthcare. Deputy Foreign Minister Pahala and Deputy Minister Mbarouk also discussed various potential future collaborations, including palm oil production and processing, the mineral sector, EV battery supply chains, education, and capacity building.

Concluding his working visit to Tanzania, Deputy Foreign Minister Pahala also chaired a virtual meeting with the Head of Indonesian Representatives and Honorary Consuls in Africa to consolidate and encourage high-level official and private sector participation from African countries in the 2nd IAF, as well as finalize various collaborations between Indonesia and its partner countries in Africa as part of the IAF-2 deliverables.

Distributed by APO Group on behalf of Ministry of Foreign Affairs Republic of Indonesia.

UNSMIL takes note of the meeting of members of the House of Representatives and the High Council of State Cairo on 18 July. While the Mission welcomes all steps in support of a Libyan consensus that facilitates a Libyan-led and owned political process towards national elections, the Mission reiterates that any such steps should be inclusive with a clear path to elections.

The Mission encourages the members involved to build on what has been agreed upon by seeking an approach that includes other relevant Libyan stakeholders to ensure the outcomes lead to a politically implementable solution.

As mandated under Security Council resolution 2702 (2023), the Mission continues its efforts in support of the needed political agreement to address all contentious issues.

Distributed by APO Group on behalf of United Nations Support Mission in Libya (UNSMIL).