With only five working days until the two-pot retirement system takes effect, the retirement fund industry is concerned about whether pension fund members truly understand what the new regime entails.
"Despite the huge amounts of communication and information around the new system, a lot of people still don't properly understand the retirement system," said Michelle Acton, retirement reform executive at Old Mutual.
Shaun Duddy, head of product development at Allan Gray, told Moneyweb that although the twopot is a "net positive" for the retirement landscape in South Africa as a whole, it does not mean people will magically be able to retire comfortably.
"Two-pot promotes additional preservation, but people still need to do what they've always been required to do: contribute towards retirement from as early as possible, and over a reasonable amount of time."
This story is from the August 24, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 24, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
US blamed for expo row
Analysts warn exclusion could have dire consequences for SA down the line.
4900 visas for critical skills jobs
South Africa has a list of almost 150 jobs considered by the department of employment and labour (DEL) to be in short supply.
Nsfas to decentralise
Department welcomes move, plans to set up regional, satellite offices.
Lawsuits cost health billions
Investigations stop R3 billion in fraudulent claims, parliament hears.
City face Inter reunion
Manchester City are braced for their Champions League reunion with Inter Milan at the start of an expanded tournament that will be \"so tough\" for the 2023 winners.
League Cup no inconvenience
Manchester United manager Erik ten Hag insisted he still believed English football's League Cup remained a \"significant\" competition.
State of rates in Africa
Africa’s largest economies to make changes for first time in years.
RAF not about to 'implode'
»» Improvements not sustainable without legislative changes, says Letsoalo.
Can Superbalist grow?
Shein overtakes the SA retailer, while Bash is different kind of threat.
Crochet gets sex appeal
100% cotton yarn garments do not loose shape ina cold wash.