Sanlam poll shows Covid took a bite out of retirement savings
Contributions were suspended for an average of four-and-a-half months — at a time when the JSE staged a huge rally
22 June 2021 - 09:15
UPDATED 22 June 2021 - 19:03
The Sanlam Benchmark Survey, a yearly analysis of the local retirement fund industry, shows that retirement fund members suspended their contributions across all fund types for an average of four-and-a-half months in 2020 due to the effects of the Covid-19 pandemic.
The survey, which was released on Tuesday, also shows that 27% of stand-alone retirement funds and 41% of participating employers in umbrella funds suspended contributions to their retirement funds as the pandemic and consequent lockdowns resulted in mass retrenchments and severely constrained consumer finances...
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