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Cabinet allays pension concerns

Jeff Radebe says proposed retirement funding reforms are intended to help people save money.

Minister in the Presidency Jeff Radebe. Picture: GCIS.

CAPE TOWN - Cabinet has moved to reassure South Africans that their retirement funds are safe and not about to be nationalised.

Minister in the Presidency Jeff Radebe says retirement funding reforms are intended to help people save money.

Radebe says Cabinet is concerned about reports that workers are resigning in order to cash in their pensions ahead of any changes to the law.

He was speaking at a post-Cabinet briefing at Parliament today.

The minister says there's anecdotal evidence suggesting that people are quitting their jobs and withdrawing their pension savings out of fear that the government will from next year prevent people from doing so when they change jobs.

"Government wants to encourage workers to preserve their savings and no laws have changed that."

Radebe says Finance Minister Nhlanhla Nene and the Treasury will be launching a campaign to properly explain the reform plans.

Treasury official Ismail Momoniat told the briefing that while there's no hard evidence yet, government wants to take action before people start cashing in their pensions.

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