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
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.