What do retirement reforms mean for your benefits?

President Jacob Zuma has signed major retirement reforms, creating panic among working South Africans.

Redi Thlabi spoke to Michelle Acton, a principal consultant at Old Mutual, to shed light on the subject that has trade unions up in arms.

Listen to the conversation below:

...The change is not nationalising anything; it is not making any changes to resignation benefits

Michelle Acton, principal consultant at Old Mutual

The change that has been made is only for future benefits and what goes into the fund

Michelle Acton, principal consultant at Old Mutual

Redi gave 702 and Cape Talk listeners an opportunity to share their concers in light of the reforms.

Listen to the conversation below:

There has to be wider consultation to hear how people feel. Now it gets signed into law then there'll be consultation afterwards? I don't think it's a good thing.

Sechaba, caller from Zakaria Park

Cosatu is misleading the people. We should be very careful because I can see a lot of people suffering, including teachers.

Joel, caller from Alberton

Your pension is taxable when it gets paid out, people forget that one. I disagree with this government decision.

Paul, caller from Sandton

This article first appeared on 702 : What do retirement reforms mean for your benefits?


Recommended

by THE NEWSROOM

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
New breakthrough will help target optimum cancer drugs for use in patients

New breakthrough will help target optimum cancer drugs for use in patients

The Naked Scientist Chris Smith answers all things science - from diseases to birds and why the second tooth doesn't grow back.

[LISTEN] NPA sets record straight on Prasa, but Zackie Achmat remains firm

[LISTEN] NPA sets record straight on Prasa, but Zackie Achmat remains firm

The NPA responds to statements made by activist and leader of #UniteBehind Zackie Achmat made in an interview on Wednesday.

Their way or the highway? 7 annoying habits many drivers are guilty of

Their way or the highway? 7 annoying habits many drivers are guilty of

Passengers often endure all sorts of irritations from drivers. Callers share their biggest gripes about folks behind the wheel.

[WATCH] Eusebius commends ANC's Carrim for his honesty about VAT reservations

[WATCH] Eusebius commends ANC's Carrim for his honesty about VAT reservations

ANC's Yunus Carim says an increase on VAT was not desirable and it is regressive.

How much you should save for retirement

How much you should save for retirement

You know you should save for retirement, but do you know how much? Financial planner Claude Hannah breaks it down in simple terms.

Why you need a pension fund (or retirement annuity) even if you own a house

Why you need a pension fund (or retirement annuity) even if you own a house

Many people falsely believe they do not have to save for retirement because they own the home they live in.

Popular articles
NICD: Listeriosis cases rapidly rising in SA, death toll at 172

NICD: Listeriosis cases rapidly rising in SA, death toll at 172

National Institute for Communicable Diseases says all cases traced back to the same bacterial strain and source needs to be found.

'Foreshore development plan will exacerbate spacial and social divide'

'Foreshore development plan will exacerbate spacial and social divide'

UCT planning expert raises concerns over bidder's proposed plans for Foreshore development.

UK issues terror warning against SA after Brit couple abducted in KZN

UK issues terror warning against SA after Brit couple abducted in KZN

The British gov issued a travel advisory‚ warning of possible attacks when traveling to SA, after a UK couple was kidnapped.

Saps: Attackers spared 5 female cops in Ngcobo police shooting

Saps: Attackers spared 5 female cops in Ngcobo police shooting

E Cape Saps says they are investigating the murder of five police officers and one retired soldier at Ngcobo Police Station.

How to make your first million

How to make your first million

Warren Ingram discusses his new book in which he shares practical ways for ordinary people to achieve financial freedom.