DA proposes bill to cushion workers with pension-backed loans
Party would like Pensions Fund Act amendment to allow fund members to access some of their savings
20 September 2020 - 16:54
The DA is pushing for the Pensions Fund Act to be amended to make it possible for pension fund members to access a percentage of their savings before retirement as guarantee for a loan.
DA MP Dion George intends to table a private member’s bill to amend the act to allow for pension fund members to obtain a loan, secured by a guarantee from a registered pension fund. George says this will be crucial to alleviate financial pressure during the Covid-19 emergency or any other emergency similar to the pandemic, which could leave workers with reduced or no income at all. ..
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