[NEW EPISODE] On this episode of MoneyRules with BoitumeloNtsoko: We asked ChatGPT some questions from Moneyweb readers and crueinvest’s Eric Jordaan to weigh in on its responses. Did it hit or miss the mark? Download the podcast below. Moneyweb
You can also listen to this podcast on iono.fm here.
Eric, what do you think of this response? All right. This is the next question we asked the chatbot: I am 37 and under debt review. Is it possible to request a partial withdrawal from my pension fund to settle my debts? I can’t get a loan or credit anywhere. Here’s its response. ChatGPT: It is possible to access your pension fund before retirement through a process called a withdrawal benefit. However, there are certain conditions that must be met to be eligible for a withdrawal benefit.
Either you have a defined-contribution or defined-benefit fund. Those are two different types of pension funds in South Africa. A defined-benefit fund is where the rules of the pension fund determine what your benefit is that you would receive from the fund, either at retirement or at resignation prior to retirement. Typically your benefit is calculated by way of a formula, which takes into account what your salary was at that point in time [and] what your [period] of service was.
Eric, how would you advise this person to then go about this – both the parent and the child?
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