National Pensions (Amendment) Bill, 2023

Overview

The Case for Change

The National Pensions (Amendment) Bill, 2023 proposes to amend the National Pensions Act to increase the maximum amount for withdrawals from pension plans for home purchase or construction, mortgage reduction, or mortgage payoff. The proposed amendments also aim to provide more flexibility to pension plan members and address some of the shortcomings of the existing legislation.

The drafted bill also includes some important provisions to help ensure that individuals repay the withdrawal, thereby protecting their ability to support themselves in the future better.

Key takeaways

How Your Information Will/Might Be Used

After the close of the public consultation period, the feedback received will be reviewed and may or may not be considered in the final tabling of the bill when it’s presented and discussed in Parliament.