The Income Tax (Superannuation Funds) Regulations No. 147 of 2022 (“the Regulations”) were signed by the Minister of Finance on October 25, 2022. The Regulations came into effect on 11 November 2022. One of the significant changes brought about by the Regulations is that the rules of a pension fund may now allow a retiree to withdraw up to 50% of his or her pension at retirement. Previously, a retiree was only allowed to withdraw up to 33.5%. Furthermore, an employee who is a member of pension funds where his or her employer contributes at least 51 percent of total contributions may now retire at any time after the age of 45, provided his or her employer approves same.
