“retirement interest” means-

(a)     in relation to any period prior to 1 September 2024, a member’s share of the value of a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund as determined in terms of the rules of the fund on the date on which he or she elects to retire or transfer to a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund; or

(b)     in relation to any period commencing on 1 September 2024, a member’s share of the value of a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund as determined in terms of the rules of the fund comprising the member’s interest in the savings component, member’s interest in the retirement component and member’s interest in the vested component, on the date on which he or she elects to retire or transfer to a pension preservation fund, provident preservation fund or retirement annuity fund as contemplated in paragraph 2(1)(c) of the Second Schedule or transfer to a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund as contemplated in paragraph 2(1)(d) of the Second Schedule;

[Definition of “retirement interest” inserted by section 2(1)(zF) of Act 3 of 2008 and substituted by section 1(1)(q) of Act 43 of 2014, by section 2(1)(k) of Act 17 of 2017, by section 1(1)(x) of Act 23 of 2018, by section 1(1)(n) of Act 17 of 2023 and by section 1(1)(zG) of Act 12 of 2024 effective on 1 September, 2024 and applicable in respect of years of assessment commencing on or after that date]