The Pension Fund Amendment Bill is close to be signed into law. Here's what it means for you and your pension fund.
The Pension Fund Amendment Bill has been passed by the National Assembly and is now close to being signed into law.
This is in response to the cost of living crisis facing many South Africans due to weak economic conditions. Essentially, the amendment will allow pension fund owners to be able to withdraw their savings early and was passed in the face of the currentfacing South Africa and much of the world following the high-interest rates and inflation caused by the lingering effects of the COVID-19 pandemic and disruptions of Russia’s invasion of Ukraine.
“In times of dire financial distress, members of pension or provident funds tend to terminate their employment in order to access their retirement savings,” Deputy Finance Minister David Masondo said in Cape Town where the National Assembly passed the bill.The bill is now moving to the National Council of Provinces for consideration. If this second house backs it, then President Cyril Ramaphosa will sign the bill into law.
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