Why Discovery’s fund members are making two-pot withdrawals
Despite relatively low overall withdrawal rates, 24% of claimants are using their retirement savings for home or car repairs and 21% for settling short-term debt.
Despite relatively low overall withdrawal rates, 24% of claimants are using their retirement savings for home or car repairs and 21% for settling short-term debt.
The allocations to the savings component can happen only from 1 September onwards, says Old Mutual.
Delaying the implementation date and raising the seeding cap are among the announcements and clarifications.
Retirement industry bodies plead for a later implementation date, but Cosatu says 1 March next year is a ‘red line’.
There is still considerable uncertainty regarding what must to be implemented by the retirement industry.