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)...

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 or call 0860 52 52 00. Got a subscription voucher? Redeem it now