Ramaphosa has signed a 3-year retirement fund lock-in into law - so what does this mean?

A more stringent verification process and risk management test are in the pipeline, if the Budget Speech in February 2020 is anything to go by.
Current legislation allows a person who has formalised his or her emigration by using the "financial emigration" process, to fully withdraw their retirement funds when the process is complete.
President Cyril Ramaphosa, however, now signed the Taxation Laws Amendment Act into law, effective from 1 March 2021.
The consequence is that, from that date, certain retirement benefits will be locked in for a minimum period of three years.
President Cyril Ramaphosa has signed the 3-year retirement fund lock-in into law as part of the Taxation Laws Amendment Act and it will become effective as from 1 March 2021.

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