The stagnant economy is forcing more employees to dip into retirement savings as job losses and declining disposable income bite consumers hard, SA’s largest pension fund administrator, Alexander Forbes, said on Monday.

“When resigning, employees are opting to take the cash as opposed to transferring it to preservation vehicles, and the same applies to when they retire. It’s really a function of the economy — people are losing their jobs, and sometimes switching jobs just to gain access to their retirement savings,” Alexander Forbes CEO Dawie de Villiers said...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now