New pension system in South Africa – avoid this big ‘don’t’

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South Africans may soon be able to access funds from their pensions before retirement – but this can have severe consequenes for members.

South Africans will soon be able to access large parts of their pensions before retirement, but Discovery Invest says consumers should instead use other savings products for shorter-term needs.

A third vested pot will hold most of the retirement savings until the two-pot system is launched and will follow current legislation. “As an example, due to compound interest, money that is put away at age 30 will have 5-6 times the buying power at age 65 compared to money that is not saved,” said Sher.

 

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