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Pension withdrawal debate: NBFIRA focuses on old-age poverty

Decisions due: The Finance Ministry will have the final say on whether pension fund withdrawals are extended for more categories of members
Decisions due: The Finance Ministry will have the final say on whether pension fund withdrawals are extended for more categories of members

As the Finance Ministry finalises a study into possibly widening the categories of pension fund members who can prematurely withdraw from their savings, the key questions in the debate are: what is the purpose of a pension fund and when should it help the member? Staff Writer, MBONGENI MGUNI reports

For the Non-Bank Financial Institutions Regulatory Authority (NBFIRA), the question of what a pension fund and what it does, is crystal clear.

“A pension fund provides for financial stability after you stop working, by providing a stream of income and helping you have the standard of living you had before you stopped working,” explains Phineas Sesinyi, acting Retirement Funds director at NBFIRA.

Editor's Comment
Child protection needs more than prevailing laws

The rise in defilement and missing persons cases, particularly over the recent festive period, points not merely to a failure of policing, but to a profound and widespread societal crisis. Whilst the Police chief’s plea is rightly directed at parents, the root of this emergency runs deeper, demanding a collective response from every corner of our community. Marathe’s observations paint a picture of neglect with children left alone for...

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