Under new system, temptation to withdraw funds is high, but it forces people to save.
South Africa is changing its pension laws. The new system is designed to give individuals the opportunity to access only a portion of their retirement funds before they retire in the case of dire need - or even in case of desire. To an extent, this makes sense, given the low savings rate in the country.
It forces individuals to save at least some of what they have in their pension fund instead of being able to spend it all when they change jobs, but it also allows them to spend some of what they couldn't save by other means or on their own.
It puts retirement savings into two "pots": one to keep for retirement and one to spend sooner if needed.
It strengthens the country's retirement system and grows longterm savings.
But the changes also present a number of challenges.
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HANDRE IS NO OLD DOG
Pollard happy to play a mentoring role with the emergence of new, exciting talent in the Springbok ranks.
Shaping future Bok prospects
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Saleng strike sinks Chippa
Monnapule Saleng netted an added time winner as Orlando Pirates came back from a goal down to beat Chippa United 2-1 in a Betway Premiership match at the Orlando Stadium last night.
Arsenal look for good jump-start
JORGINHO: USE ATALANTA AS A MAN CITY SPRINGBOARD.
Yamal's Barcelona are aiming high
Approaching a decade since Barcelona last won the Champions League, the Catalan giants face Monaco in this season's European opener today aiming to make a statement.
Reds strut past Milan
Liverpool strutted to a 3-1 win at AC Milan on Tuesday as the Reds got their campaign in the revamped Champions League off to a stylish start.
'Happy' Kylian hits his straps
Kylian Mbappe (above) scored on his first Champions League appearance for Real Madrid as the holders started their trophy defence with a 3-1 win over Stuttgart on Tuesday.
Kane punishes Zagreb with four
Harry Kane (right) scored four goals, including three penalties, as Bayern Munich beat Dinamo Zagreb 9-2 at home on Tuesday-becoming the first team to score nine goals in a Champions League match.
A good week to draft a will
Attorneys on the LSSA website ready to draft at no cost.
Discovery hikes rates
The lowest will be across Smart plans with a hike of 7.4%.