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.  

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