Tito Mboweni says annuitisation of provident funds to be compulsory
Certain workers will be compelled to buy an annuity with two thirds of their provident funds when they retire, effective March 2021
28 October 2020 - 17:02
Finance minister Tito Mboweni has announced that workers will be compelled to buy an annuity with two thirds of their provident funds when they retire, effective March 2021. Workers will be allowed to withdraw one third of their provident fund savings as cash.
The new measure will not apply to those over 55 as at March 1 2021 and will not be retroactive...
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