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Pension withdrawal debate: NBFIRA focuses on old-age poverty

Wednesday, March 22, 2023 | 1600 Views |

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.

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Pension withdrawal debate: NBFIRA focuses on old-age poverty