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

702 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 702 community a safe and welcoming space for all.

702 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.

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

Read More
How to get through awkward family dynamics this holiday

How to get through awkward family dynamics this holiday

Spending time with family over Christmas isn't always easy. Clinical psychologist Khosi Jiyane shares advice on how to cope.

Mantshantsha: Eskom managers to be held to account by the scruff of their necks

Mantshantsha: Eskom managers to be held to account by the scruff of their necks

Financial Mail's Sikonathi Mantshantsha and investigative journalist Sabelo Skiti analyse new board appointments at power utility.

Caiphus Semenya to perform with jazz greats at Tshwane Big Band Festival

Caiphus Semenya to perform with jazz greats at Tshwane Big Band Festival

Semenya spoke to Koketso Sachane about the event and some of the most memorable moments that have made up his musical career.

Naked Scientist: How does rice remove moisture from a cellphone?

Naked Scientist: How does rice remove moisture from a cellphone?

Chris Smith explains the science behind placing your phone in rice if you have dropped in a pool of water.

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
South Africans Doing Great Things |  Nkosinathi Nkomo

South Africans Doing Great Things | Nkosinathi Nkomo

Wasanga speaks to Co-founder of AquaRenu, Nkosinathi Nkomo about turning a problem into an opportunity.

Dr Mbuyiseni Ndlozi opens up about his thesis

Dr Mbuyiseni Ndlozi opens up about his thesis

Ndlozi explains the significance of the the first chapter of his thesis: 'Trauma in the archives'.

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

The Money Show’s Bruce Whitfield interviews Steinhoff International Chairperson Christo Wiese.

Is it normal to have a curved penis? Dr Shingai explains

Is it normal to have a curved penis? Dr Shingai explains

Urologist Dr Shingai Mutambirwa says penile curvature is only a concern if it impedes a man's ability to have penetrative sex.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

Meet Shoprite’s Christo Wiese, ruler of retail (and 3rd richest African)

Meet Shoprite’s Christo Wiese, ruler of retail (and 3rd richest African)

Bruce Whitfield interviews the remarkable Wiese (net worth R100 billion!) about how it all began and where it’s going.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?