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How the Two Pot System Impacts Every Single GEPF Member

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"Attention, GEPF Members: A game-changing update is on its way, and it's one you can't afford to miss. With the new two pot system set to roll out on 1st September 2024, every GEPF member's approach to retirement, resignation, or withdrawal needs a second look. Are you ready for how these changes will reshape your future?
Hi, I'm Dhevan Naicker, a Retire vs Resign Specialist, and I've dedicated my career to guiding GEPF members through the maze of retirement planning and pension benefits. In this essential video, I dive deep into the upcoming two pot system changes and what they mean for you. From understanding the basics to exploring its implications on your pension savings, I've got you covered.
But there's more. For GEPF members who began their service before 1998, the stakes are even higher. Exclusive to you, I'm offering insights into unlocking an extra tax-free benefit, a valuable opportunity that shouldn't be missed. If you're seeking to maximize your benefits and safeguard your financial future, this video is your first step.
Feeling the need for a more tailored approach? Email retirewell@retiresa.co.za to book a private consultation with me. This exclusive offer is for members who started their journey before 1998, aiming to provide personalized strategies to enhance your retirement planning.
Remember, while this video is designed to inform and guide, it's not a substitute for personalized advice. Retirement Wellness SA is an Authorised Financial Services Provider (FSP 31609), committed to offering information that empowers your decision-making process without dictating your choices.
Don't let this pivotal moment pass you by. Watch now and take control of your retirement planning with confidence.
#GEPF #GEPFRetireorResign #GEPFRetire #GEPFResign #GEPFMembers #GovernmentEmployeePensionFund #ResignationPlanningGEPF #RetirementPlanningGEPF #TwoPotSystem #TwoPotImpact #GEPFTwoPotChanges #GEPFPensionReform #GEPFFinancialAdvice #TwoPotStrategyGEPF #GEPFPensionUpdate #GEPFWithdrawalImpact #GEPFSavingsPlan #GEPFFuturePlanning #GEPFBenefitChanges #TwoPotPlanningGEPF"

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5 сен 2024

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Комментарии : 122

@SiyathokozaKeswa-qy2mv 5 месяцев назад

Thank you for the video. It was highly informative and insightful. I believe this system was not necessarily created to aid us. It is instead a governments tactful ploy to access and misuse our hard earned monies. I resent the fact that two thirds of the monies is inaccessible until retirement. These are our hard earned savings hence we should have the liberty to access the monies at our own discretion especially upon resignation. Looking forward to more of your videos.

@ridwaancharles7555 3 месяца назад

Very helpful, thank you. You just reminded me that whatever the government giveth, they taketh back,and we still get the short end of the stick...poor we'll stay!😢

@DhevanNaicker 3 месяца назад

@ridwaan, review the videos we have on tax savings. This will help put more money in your pocket

@mthokozisigasa4567 17 дней назад

Thanks a lot for eye opening of behind the scene information. Most of the formulas that they didn't share with us as members of the funds.

@tshireletsolusithi Месяц назад

Good day Dhevan thank you for allaying our anxiety and equipping us with power

@Khayelihle.Nokwazi Месяц назад

Wow thank you for sich an eye opening video. Government doesn't like its employers 😢. Bluffing and manipulating us like this. Why the system affects everyone and not individuals who are taking their money. This is very very sad

@DhevanNaicker Месяц назад

@khayelihle, happy to hear that this is bringing clarity to you

@sourichmoroasui4742 5 месяцев назад

Wow Dhevan. Thank you so much for the great insights to this thony subject at this important juncture in our lives. I wish that more people could watch and subscribe. God bless you my brother.

@benniedewit Месяц назад

Very interesting. Looking forward to more videos

@AshleyPillay-zd2uz 4 месяца назад

HI,What are our legal rights to secure our own money to stop this 2pot system?

@lindavandermerwe1237 4 месяца назад

If you already reired, and left your money at the goverment to get a monthly pension. How do you protect your retirement money.

@DhevanNaicker 4 месяца назад

@Linda, in this case you would need to ensure that GEPF investments are returning attractive returns, much higher than the pension increase you would receive annually

@user-mg3pp7bz1e Месяц назад

I am retiring in 4 years time I don't want 2 withdraw anything coming September, do u think it's a good idea leaving my money at my workplace and receiving a monthly payment do u give private consultation

@DhevanNaicker Месяц назад

@user-mg3pp7bz1e it’s not compulsory to withdraw any funds once 2 pot takes effect. Are you a government employee?

@jeremymartin1927 5 месяцев назад

Thank you. Very helpful. Makes me think. Really thought provoking.

@user-hh2my8bn7d 4 месяца назад

Thanks for the update

@cdandanimelover3674 4 месяца назад

Make sure you get all, (including private companies) information regarding your invested pension money before you take any action like resignation. There's a lot that's still crying due to actions without proper information.

@DhevanNaicker 4 месяца назад

@cdandanimallover3674, you’re right… many members don’t get good quality advice. This channel is dedicated to helping members make informed decisions.

@peeps977 Месяц назад

What happen to the people who worked on the railways and then all their benifis where lost from pension to medical aid. I do not see how Government people are going to live after Sept 2024. Municipal where SALGA also wants to put their fingers on pensions pots it all is a plan

@jacvanderspuy5618 8 дней назад

Interesting and well presented video. Just a quick question. To what change in the "formula" are you referring when you said it changed in November 2023? As far as I can see it still is 6,72% x years of service for the gratuity and 1/55 x years of service final salary??

@DhevanNaicker 5 дней назад

@jac, the change happened end Oct 2022 and became effective from 1 Nov 2022

@FielaAbrahams 4 месяца назад

Thanks for the video

@Mpumzar 6 месяцев назад

Thank you for the information

@katlegobungane6543 4 месяца назад

Great content!

@MargaretFivaz 2 месяца назад

Thanks for the video.

@DhevanNaicker 2 месяца назад

@Margaret, happy it helps

@MoegamatFick 17 дней назад

I want all my money at once when I'm done working

@ebenlabuschagne5844 3 месяца назад

Thank you for the great content Dhevan. So what will happen to the remaining funds should one die? Will the remaining balance of the funds be paid to one's beneficiaries? Or will the fund keep it if the beneficiaries aren't dependents of the employee? Similar to how the government pension of pre 1990's operated? Thank you in advance

@DhevanNaicker 3 месяца назад

@eben, at present GEPF have provided guidelines of how they will implement 2 pot. However we will only know how this works once it is in place.

@ithabisengbambo1814 6 месяцев назад

How much could be tax for withdraw of R30 000? Which is a loss

@DhevanNaicker 6 месяцев назад

@ithabiseng, it depends on your salary and any other income sources. SARS will add everything and tax you accordingly

@IamEnoughMRTBTTB Месяц назад

Is the tax not based on the percentage that comes off your salary monthly?

@DhevanNaicker Месяц назад

@IamEnoughMRTBTTB SARS will add all income sources and tax you accordingly

@mervinmaxes409 24 дня назад

Brilliant thanks

@myplaymagaba1814 5 месяцев назад

Hi Dhevan, and thank you for the insight. However, I would like to get clarity on the resignation issue. If one resigned before the two-pot and withdrew from their benefit. Will the Two-pot system apply to them?

@DhevanNaicker 5 месяцев назад

@myplaymagaba, if your resignation is finalized before the two pot system kicks in on 1 Sept 2024, you should not be affected by it

@thembinesemare5021 4 месяца назад

What are the implications of exiting before the implementation of the 2 port system. Yet turning 60 end of the year

@DhevanNaicker 3 месяца назад

@thembi, it’s all covered here: www.retirevsresign.co.za/

@AnnyBodlo Месяц назад

Why is this compulsory? It should only apply to those in need of the money. I strongly believe that we were supposed to be consulted. I don't see the exact meaning of Batho Pele Principles whereby Consultation is one of the principles.

@DhevanNaicker Месяц назад

@anny, the two pot system will apply to all pension, provident, preservation and retirement annuity funds. GEPF is a defined benefit fund so the application of two pot would be different to other funds

@bensenzo 3 дня назад

Literally no one said it's compulsory. No one is forced to withdraw

@jonathanfiller4296 16 дней назад

Hi ,my name is Jonathan and working as psa member in the police my service in 20 years now ,what is your advice time about making a decision on this case of the three pot system .Must I take my money or not

@DhevanNaicker 16 дней назад

@jonathan, do you urgently need access to the funds now?

@mbusozondi655 3 месяца назад

I think resignation is the only way out

@DhevanNaicker 3 месяца назад

@mbuso, what can you do now to ensure your resignation is secure?

@mbusozondi655 3 месяца назад

@@DhevanNaicker I do not know to be honest. I had hoped that I will resign before September take whatever income tax hit, they inflict to me and move on. Unless if they allow me to divert it to another registered funds where I will have access withdraw in the future.

@DhevanNaicker 3 месяца назад

@mbusozondi655 you will find more clarity here: www.retirevsresign.co.za/

@mbusozondi655 3 месяца назад

@@DhevanNaicker thank you so much, I will go through it

@djbekzin1508 2 месяца назад

If my resignation date is 31 august 2024.. am i safe to get my retirement?

@IamEnoughMRTBTTB Месяц назад

It seems like it doesn't matter whether you withdraw or not each of us is affected by the other. From the information you shared. Depending on the number of people who withdraw. Since the formula will be changed and there'll be a loss for everyone. I would like to withdraw only the 1st R30k. I have 26 years of service and Im 12 years to retirement. Wouldn't the effect be minimum?

@DhevanNaicker Месяц назад

@IamEnough, the R30k will be added to your salary and taxed accordingly

@bonganemotaung9760 Месяц назад

Is it okay if i decide to decline and not take anything? Does that mean i am safe?

@DhevanNaicker Месяц назад

@bongane, this is a wise decision and will help you save on tax. However, if a significant number of members access funds, this would impact the liquidity of the fund which could result in the fund adjusting values

@AshleyPillay-zd2uz 4 месяца назад

What are our legal rights to stop this process seeing that this is our money,we have worked for it and still are working for so we can enjoy our own money one day.

@DhevanNaicker 4 месяца назад

@Ashley, the two pot system is being implemented by government and will affect all retirement funds, including GEPF.

@user-kx5qd3rg1g 4 месяца назад

Why is the government pension fund keep a large portion of your hard earned pension fund money when you resign and keep it until you reach retirement age or die. What is happening to the money left behind by government employees.

@DhevanNaicker 4 месяца назад

@user-kx5qd3rg1g, ultimately any surplus funds left over will stay in the pension fund.

@jonathanfiller4296 16 дней назад

@DhevanNaicker 12 дней назад

@jonathan, it depends on your personal circumstances. Lots has to be considered before you leave

@bensenzo 3 дня назад

@@DhevanNaickerhe didn't say anything about leaving 🙄

@nonhlanhlanhlapo7537 4 месяца назад

I want to resign before September, what are the implications if I resign after September 2024?

@DhevanNaicker 4 месяца назад

@nonhlanhlanhlapo, it would depend on how GEPF actually implements the 2 pot system and if there is a change to their formula

@sibusisonkosi3469 22 дня назад

I've been out of GPEF since 2013 and I've stopped contributing so can I withdraw all my contribution from September?

@DhevanNaicker 22 дня назад

@sibusiso, you should be able to do this. Best reach out to the pension office to confirm

@lee-royvers7354 3 месяца назад

Hi Dhevan Thanks for the great video! Can a member resign from GEPF and still remain a member of GEMS?

@DhevanNaicker 3 месяца назад

@Lee-roy, happy to hear that this has been helpful for you. Members cannot belong to GEMS on resignation. However there are over 100 medical aid options available in the private so you can get something affordable and comprehensive

@frederickhefer3442 4 месяца назад

OMG This is a disaster of course a large number of ppl will take money out of the pool. So why does it have to affect you who has decided to not take anything out?

@DhevanNaicker 4 месяца назад

@frederick, it could impact all members because PIC will have to sell shares to complete these payments. If the markets are down at the time and there are mass exits, it could result in GEPF changing their formula

@arthurlukhan216 6 месяцев назад

How would the 2 pot system affect current employees who have RETIRED .

@DhevanNaicker 6 месяцев назад

@Arthur, the annual pension increases could be less than inflation which could significantly affect their cash flow

@No2HeartStoppingClotShots 5 месяцев назад

@@DhevanNaicker hi Dhevan please do a video about pension increases could be less than inflation....I dont understand how that works. thanks

@DhevanNaicker 5 месяцев назад

@thandomajola-qz2ow Will do 👍

@No2HeartStoppingClotShots 5 месяцев назад

@@DhevanNaicker

@thembimakhubela956 26 дней назад

My understanding do u mean we need to withdraw as the formula might change n we will loose more?

@DhevanNaicker 25 дней назад

@thembi, this entirely based on your personal circumstances

@bensenzo 3 дня назад

@@DhevanNaickerthat doesn't answer the question 😅

@DianneSmith-fv1vi 5 месяцев назад

How does this impact a retired pensioner

@DhevanNaicker 4 месяца назад

@diannesmith, pensioner are already affected because the annual increases are much lower than the returns the fund makes. It is possible that increases could be lower going forward.

@FlorenceSeitshiro 2 месяца назад

I am 62 years now if I resign after 1sep 24 wil I get all my pension I.e retirement, savings and vested pot at ba ones ?

@DhevanNaicker 2 месяца назад

@florence, in theory that should be the case. The problem is your resignation value might be lower after GEPF adjusts their formulas.

@wjg203 2 месяца назад

Goverment and Fund Managers is simply seeing a gap to eat our savings in the form of fees and taxes. Pensionfunds shouldn't have fees to protect the people and the economy!!!

@DhevanNaicker 2 месяца назад

@wjg, if companies don’t charge fees, they will close. What would happen to your money? When the advice is right, the value you receive will cover the fees and grow your wealth.

@wjg203 2 месяца назад

@@DhevanNaicker . Why don't fund managers invest pension funds in index funds like the S&P500 which has low cost and consistent returns and there is hardly anything to manage?

@DhevanNaicker 2 месяца назад

@wjg203 This is something you can request from your financial advisor/planner

@keithprice7931 4 месяца назад

I wonder if it will ever happen tho...always hiccups or mis comunication..4 months to go..enough time i hope..

@DhevanNaicker 4 месяца назад

@Keith, I hear you… it’s been pending for a long time. The problem is what if you don’t plan for it and it actually does take effect?

@eshararamperthab7619 5 месяцев назад

Hi. I served edn dept. 34yrs. Please advise me on best implications of new 2pot.kind reg.

@DhevanNaicker 5 месяцев назад

@eshara, email retirewell@retiresa.co.za to enquire on a free Retire vs Resign Masterclass that we host. It covers the two pot system and its potential impact on you.

@eshararamperthab7619 5 месяцев назад

@@DhevanNaicker .u a blessing 🙌

@benjaminrobertson254 3 месяца назад

So when you resign while in the Two pot system, will you get one payout still?

@DhevanNaicker 3 месяца назад

@benjamin, according to GEPF, a portion of your benefit may be held in the ‘retirement pot’ and only released when you get to retirement age as defined by the fund rules

@LindaPeace-xi9zo 5 месяцев назад

Personally how do you advise on this situation if it was you?take or live it pls advise 🙏

@DhevanNaicker 5 месяцев назад

@linda, it depends on your specific situation, age, years of service and other factors. When were you planning on leaving?

@maureenngwenya4282 3 месяца назад

If i apply for retirement earlier than 60 years now in June, will it also be affected by the GEPF 2 POT SYSTEM?

@DhevanNaicker 3 месяца назад

@maureen, your retirement values would be lower because they are projected to 60 at present. As a starting point, reach out to GEPF and confirm your exact values should you leave in June. You can then determine if this is feasible for you

@siphiwegumede4454 25 дней назад

There's a 4% penalty per year

@DhevanNaicker 25 дней назад

@siphiwegumede4454 you can reach out to the pension fund and request a statement to confirm your exact amounts

@manojkumarramdutt9752 4 месяца назад

YO...this is gonna give a headache....this is ANC strategy to steal more....shamelessly too

@vernonrich7202 4 месяца назад

I got a package deal from my company in 2016 and only took 1/6 of my package. Can i still take the other 1/6 now from my annuity fund to make the withdrawal 1/3

@DhevanNaicker 4 месяца назад

@vernon, SARS links everything so you need to consult with your advisor to avoid losing money to tax

@garyolckers3506 5 месяцев назад

Hi Dhevan. I have my funds in a RA and in a Preservation fund. Do i have participate in this system?. If the 10% withdrawal is more than 30K is the 30k the maximum you can take per annum

@DhevanNaicker 5 месяцев назад

@Gary, you can elect not to withdraw any funds. Why do you have both an RA and Preservation Fund? You’re doubling your costs

@garyolckers3506 5 месяцев назад

@DhevanNaicker I also had the RA and when my contract ended I put my provident funds into a preservation fund. So if I don't withdraw do they still split the fund into a 2 pot fund. Or only if I request it.

@DhevanNaicker 5 месяцев назад

@garyolckers3506 The two pot system will apply to all retirement funds

@user-fn9zc3xn3p 5 месяцев назад

so its better for me to resign and get my pension

@DhevanNaicker 5 месяцев назад

@severn, you need to consider all the elements so that you can determine whether to leave before or not

@Leendow 5 месяцев назад

Then keep the money where bank shares?

@DhevanNaicker 5 месяцев назад

@Leendow bank investments attract interest and this is taxable. Best to seek proper financial advice so you can structure this in a way that grow wealth with minimum tax implications

@siziwethela6705 Месяц назад

👍

@stormcloud5915 6 месяцев назад

Hello Derv can I transfer my money now to the approved fund ? I will be retiring in December.

@DhevanNaicker 6 месяцев назад

@stormcloud, are you retiring or resigning?

@desireephillips3834 3 месяца назад

Retiring in December 2024. How will the two pot system impact me

@DhevanNaicker 3 месяца назад

@Desiree, just to confirm… will you be retiring or resigning?

@AshleyPillay-zd2uz 4 месяца назад

HI,What are our legal rights to secure our own money to stop this 2pot system?

@DhevanNaicker 4 месяца назад

@Ashley, the two pot system is implemented by government and will affect all retirement funds, not just GEPF

@wjg203 2 месяца назад

Seem like government has a longer term plan in place which is more tax related. They struggle to recover more tax from peoples pension savings. More than likely they also do this to ensure they still recover taxes from people emigrating to other countries. The bigger problem here is that to be have enough retirement savings you need your Net Salary x 15. BUT now with this new system it create a problem but splitting it into different pots with different terms and conditions. Example if you earn 240000 after tax and deductions. 240000 x 15 years = 3 600 000. if you split this as per new System, Pot 1(1third = 1 200 000) and Pot 2 (2 400 000). Pot 1 - I'm not sure how much of this you will receive after all the fees, taxes and deductions but this money might seem a lot but most people will settle debt and spend it. Then they have to rely on the monthly income earned from POT 2 only which wont be much. My point is that this changes is not in favor of people with pensions. When people retire they need to be in full control of their hard earned savings but also have access to the Capital if needed. Some would like to invest. Some might want to start a business, Some might want to build a family home.

@AshleyPillay-zd2uz 4 месяца назад

HI,What are our legal rights to secure our own money to stop this 2pot system?

@DhevanNaicker 4 месяца назад

@Ashley, the two pot system is implemented by government and will affect all retirement funds, not just GEPF