Provident fund changes – should I be worried?
RETIREMENT can be daunting. Not only does it signify a practical and highly emotional transition in life, but the financial implications are often nerve-racking. Add to this the fact that there are legislation changes looming in the first quarter of this year and we have all the ingredients for a fullblown panic attack. Stop right […]
Provident fund members face withdrawal changes on March 1
WORDS ON WEALTH: Up until now there have been two distinct types of retirement funds offered by employers to their employees: pension funds and provident funds. Many company retirement funds offer both. Traditionally, the differences between pension and provident funds were that in a provident fund your contributions were from after-tax income (in pension funds […]
Criminal self-sabotage: Cashing out your pension fund prematurely
Jeanette Marais, CEO of Momentum Investments (Article from FA News) Cashing out your pension fund every time you change jobs may seem like a quick cash-flow fix in the moment, but in actual fact, it’s self-sabotage. Every time you borrow from the future, you jeopardise your financial wellness beyond retirement. One thing many people do […]
Section 37C – How certain are you that your nominated beneficiary will inherit your retirement funds?
The Section 37C of the Pension Funds Act governs the distribution and payment of lump sum benefits payable on the death of a member prior to retirement from either a pension or provident fund or pension and provident preservation fund or a retirement annuity fund. The Trustees of the Fund are the persons responsible to […]
