budget 2020
PENSIONS: Calling time on cash-outs
Big changes are on the cards for provident funds, as the government pushes for annuitisation
27 February 2020 - 11:00
The biggest pension-related news in the budget is the final go-ahead for the harmonisation of pension and provident funds.
Provident fund members have traditionally been able to cash out their entire fund on retirement, while pension members can take out only a third and receive the rest as a monthly pension (annuity).
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