Retirement reforms that come into effect on 1 March (T-Day) could hold several important benefits for South Africans.

The Government is updating the 2013 Taxation Laws Amendment Act, specifically now the 2015 Tax Amendment Acts 23 and 25.

It is simplifying and harmonising retirement funds, meaning that all retirement, pension and provident funds now have the same tax rules and employer and employee contributions are consolidated to reduce the scope for tax structuring.

View the infographic below for a simple breakdown of how these amendments will affect your retirement funds and tax refunds:

T-day and what it means for your tax refunds

Article credit: Old Mutual