Richard Carter, Head of Assurance at Allan Grey

The two-pot retirement system will be compulsory for all retirement funds to split contributions received between two notional portions – one-third will be allocated to a “savings portion” that will allow early access to funds, while the remaining two-thirds will be allocated to a “retirement portion”. At retirement, whatever is left in the savings portion will be available as a cash lump sum. The retirement portion will have to be used to purchase an annuity.

However, as the saying goes, "the devil is in the detail" and there is the catch, not all the details are available yet. We caught up with Richard Carter, head of assurance at Allan Gray to find out, in terms of detail, what he thinks are important for us to get clarity on.