Withholding a member’s retirement fund benefit or making a deduction from such a benefit should be referred to the Board for careful consideration and a decision.
Sanlam Corporate’s implementation of the legislation for POPIA.
Kanyisa Mkhize, Chief Executive Officer at Sanlam Corporate, says the pandemic has been a setback for South African retirement fund members and retirees.
Retirement fund members opted to suspend contributions for an average of four-and-a-half months in 2020.
When you find yourself in a tough spot financially and you see no way forward, the temptation is to dip into retirement funds. We believe that this should be avoided at all costs. Even more tempting, is withdrawing more than you need from your retirement savings. We believe this should be avoided if at all possible