which detail how it plans to transform the retirement savings industry and improve savings outcomes for all South African workers.
“This measure will dramatically improve retirement outcomes while providing flexibility to deal with unforeseen events before retirement. Most importantly, it prevents workers from cashing out their pensions savings leaving nothing for retirement,” said Davison. “To ensure that people make sensible financial decisions, it may be a requirement to get retirement benefit counselling prior to making any withdrawal. Unlike the current rules, the Retirement Pot will not be accessible when changing jobs – you will have to leave that pot invested until retirement, as the name suggests.
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