Asanda Matlhare
Intern Journalist
3 minute read
30 Jul 2021
4:40 am

Experts on the fence about idea of pension fund withdrawal

Asanda Matlhare

Standard Bank economist Elna Moolman said banks would consider such interventions as part of the broader set of support measures.

Finance Minister Tito Mboweni. Picture: @TreasuryRSA/Twitter

The idea of messing with one’s pension fund seemed at odds with providing for one’s retirement, although financial advisors were cautious about dismissing the idea completely after it was mooted by Finance Minister Tito Mboweni this week. Fintech entrepreneur Sam Beckbessinger was on the fence about the government’s decision to consider limited withdrawals from pensions. “It was risky to push this type of complex financial decision-making on to the individual when we had a very low level of financial literacy as a country,” she said. “It could be very difficult to decide whether it was better to pay off debts...