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?


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