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What will happen to my pension money according to the act of 2015?

Malinda, In short: From 1 March 2015, your provident fund contributions will be treated the same way as pension fund contributions AT RETIREMENT, ie you must use two-thirds of the resulting fund balance to purchase an annuity. However, your provident fund balance at 1 March 2015 (and subsequent return thereon) still falls under the old rules and can be taken as a cash lump sum at retirement. On resignation (BEFORE RETIREMENT), you can still withdraw the full amount as cash. Compulsory preservation may be introduced at a future stage, but if that happens your benefit at the time the new law comes into effect (and subsequent returns on that balance) will still fall under the old rules. This will be your so-called "vested right". The principle underlying the retirement reforms passed so far is that vested rights will be protected. Please refer to our publication on the coming reforms.

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