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Two pots: fund members must understand the implications of withdrawals
Money in the savings pot should be withdrawn only as a last resort, for absolute financial emergencies.
The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.
Read moreMoney in the savings pot should be withdrawn only as a last resort, for absolute financial emergencies.
Administrators are concerned there is not enough time for financial advisers and members to understand the implications of the changes.
More clarify is required on certain aspects, including the implications for provident fund members over 55 and the proposed retrenchment benefit.