No news on early access to retirement funds

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Members of pension funds and retirement annuities (and soon provident funds) are required to use two-thirds of their retirement benefits to purchase an annuity income in retirement. Picture: iStock
Members of pension funds and retirement annuities (and soon provident funds) are required to use two-thirds of their retirement benefits to purchase an annuity income in retirement. Picture: iStock

PERSONAL FINANCE

Despite announcements in the medium-term budget policy statement in October last year that there would be a review of retirement reforms, including early access to the funds for hardship and automatic enrolment, no further information was provided in this year’s budget review.

The standard line remained that “government continues to engage with trade unions, regulators and other stakeholders to discuss how to allow these withdrawals, together with mandatory preservation requirements”.

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