Two pot retirement system | One year, R9.5bn withdrawnTwo pot retirement system: One year, R9.5bn withdrawn<\/a><\/p>\n\u201cThis indicated that mid-career individuals, who may be facing financial pressures or changing life circumstances, are more likely to make use of the savings withdrawal option,\u201d PWC\u2019s Carryn Drummond said.<\/p>\n
\u201cSome funds don\u2019t monitor the reasons for the withdrawal, but what we did see if that for most of them it is for debt settlement. Its members who are paying for school fees and buying properties.\u201d<\/p>\n
However, Drummond warned that early withdrawals can significantly reduce long-term retirement capital. \u00a0<\/p>\n
\u201cEffective communication is essential to prevent long-term, irreversible damage to financial security.\u201d<\/p>\n
The survey also revealed that cybersecurity threats and attacks have resulted in an increasing need for cybersecurity coverage. This is an insurance policy which helps manage the impact of cyberattacks on the operations of an entity.<\/p>\n
The survey reveals that 87 percent of the participants indicated that the fund\u2019s fidelity cover includes cyber security and data protection. Forty-seven percent indicated that the cover is uncapped, while 40 percent indicated that the cover is capped. Where the cover is capped, the cap amount ranges from R100,000 to a maximum of R500-million.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"JOHANNESBURG – Employees aged between 30 and 40 years make up the bulk of people withdrawing their savings…\n","protected":false},"author":2,"featured_media":526734,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,133,131,132],"class_list":["post-526733","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-ca","tag-canada","tag-finance","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/526733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=526733"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/526733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/526734"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=526733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=526733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=526733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}