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Pension cash-out stirs Parly debate

Friday, August 19, 2022 | 890 Views |

At the helm: Serame presented the Bill’s second reading this week PIC: THALEFANG CHARLES

Members of Parliament have urged the Finance ministry to extend the encashment of pension benefits to active members or allow the accrued amounts to be used as security, BusinessWeek has learnt.

The Finance ministry this week tabled legislative changes that will allow deferred pensioners to cash in their benefits to pay for loan and mortgage defaults as well as medical bills associated with terminal illnesses.

The changes to the Retirement Funds Act are being debated in Parliament.

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