SOCIAL SECURITY REFORM

SPSSR > FAQs > 1. What is the current situation in terms of retirement and pension provision in South Africa?

Question

1. What is the current situation in terms of retirement and pension provision in South Africa? 

Answer

Many South Africans who are currently approaching retirement, face the prospect of poverty in old-age, due to a lack of provision or insufficient savings during their working lives. This situation is exacerbated by the leakages caused by withdrawals before retirement, pension backed loans and constantly changing jobs.
 
pension schemes sometimes offer poor service to their members, for example via excessive fees, poor advice or poor communication. These pose a challenge to regulate and supervise efficiently.
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Created at 3/1/2011 3:22 PM  by Sharvania Pillai 
Last modified at 3/1/2011 3:22 PM  by Sharvania Pillai 




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