June 9, 2020

Pressure on finances caused by COVID-19 lockdown – how can your pension fund help you?

3 June 2020 The financial consequences of the South African lockdown – caused by the Covid-19 infection which is currently sweeping the globe – are being immediately felt. Loss of earnings and the consequences on debt obligations are serious concerns which individuals are having to cope with right now. South Africa’s Pension Funds Act already caters for unforeseeable events such as the nationwide lockdown currently underway, to assist employers or individuals who may be experiencing financial difficulty because of lack of income. Bruce Knight, Senior Consultant at wealth and financial advisory firm GTC, says that as individuals and companies need to cut costs wherever possible including pension fund contributions, all mechanisms to accommodate both employers and employees’ urgent needs will need to be reviewed to prevent defaults on contractual payments. “The Pension Funds Act caters for situations where employees are...
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