SA's largest pension fund administrator backs a two-bucket retirement system

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
0:00
play article
Subscribers can listen to this article
Alexander Forbes says more retirement fund members are taking strain from Covid-19, defaulting on their debts, which is why the the proposed two-bucket system is in important.
Alexander Forbes says more retirement fund members are taking strain from Covid-19, defaulting on their debts, which is why the the proposed two-bucket system is in important.
Gallo Images/Luba Lesolle

Alexander Forbes says a lot of retirement fund members are under tremendous financial stress.

Using credit bureau data, the company analysed the indebtedness situation of about 70% of its one million members – those it had enough data of to get a concrete picture of their financial health. Almost all of them had some form of debt, and 27% had loans in default. And 5% were under severe stress, or under debt review.

Support independent journalism
Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism. You can cancel any time.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
14.51
+1.7%
Rand - Pound
19.88
-0.0%
Rand - Euro
16.83
-0.0%
Rand - Aus dollar
10.77
-0.0%
Rand - Yen
0.13
-0.0%
Gold
1,767.60
0.0%
Silver
23.31
0.0%
Palladium
2,075.53
0.0%
Platinum
1,059.00
0.0%
Brent Crude
84.86
+1.0%
Top 40
60,494
+0.2%
All Share
67,029
+0.3%
Resource 10
64,347
-0.1%
Industrial 25
84,819
+0.7%
Financial 15
13,961
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Facebook is facing a fresh crisis after a former employee turned whistle-blower leaked internal company research . Do you still use Facebook?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, the benefits outweigh the risk for me
23% - 91 votes
No, I have deleted it
46% - 182 votes
Yes, but I am considering deleting it
30% - 119 votes
Vote