Loans against pension funds will rock system, deplete savings, warns Treasury

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National Treasury has pleaded with Parliament's finance committee to reject a private member's Pension Fund Amendment Bill.
National Treasury has pleaded with Parliament's finance committee to reject a private member's Pension Fund Amendment Bill.
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A Pension Fund Amendment Bill which promotes borrowing against pension funds, to provide financial relief to households amid the Covid-19 pandemic, is not supported by Treasury.

National Treasury deputy director general Ismail Momoniat, along with labour federation Cosatu and representatives from the retirement fund industry, on Wednesday made submissions before the Standing Committee on Finance (SCoF) regarding the proposed Pension Funds Amendment Bill.

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