'Household saving is almost nothing' - Treasury official on retirement fund withdrawals

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Ismail Momoniat, deputy director-general of Treasury.
Ismail Momoniat, deputy director-general of Treasury.
Mary-Ann Palmer

While discussions continue on limited early withdrawals from retirement funds, the nuts and bolts are still unclear. Treasury deputy director-general Ismail Momoniat says a final design on the withdrawal mechanism for pension funds - aimed at the best possible preservation of savings - is still being decided on. 

Momoniat spoke to Fin24 by phone on Tuesday, about work under way to allow limited withdrawals from retirement funds, along with preservation, to assist households hard hit by the Covid-19 pandemic.

Engagements between Treasury, the National Economic Development and Labour Council and relevant stakeholders, are under way, and there is general agreement that there must be preservation, he explained.

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