Video: S.Africa another BIG BAD IDEA … allowing mass borrowing from personal pension funds…

(:E-:N-:R-AZ:C-30:V)   

[This is not a good idea. I don't know why the hell the Liberal DA came up with this one. It basically allows people to BORROW up to 75% of the money in their personal pensions. There are lots of irresponsible people who will actually wipe out their own savings. This is nuts. Magnus Heystek is a pretty good, long time investment analyst. He points out in the video at the source link that this is bad stuff. Jan]

You can watch the video here: https://www.youtube.com/watch?v=yfj0KI2ynAU

‘Government’s intentions with the pension fund amendments are ominous’ – Magnus Heystek

18th August 2021 by Justin Rowe-Roberts

Brenthurst Wealth Management co-founder and Wednesday’s regular BizNews co-host – the hard-hitting Magnus Heystek gives us the ugly truth about retirement annuities. Worse, the government have made amendments to the regulations that make it troublesome to access your pension in the event of emigration. Heystek says he rarely advises retirement annuity like products to his clients, due to its illiquidity as a financial instrument. He also lambasts the front that many of South Africa’s largest financial institutions put on when it comes to the tax benefits of these products, outlining that the benefits simply do not outweigh the costs. – Justin Rowe-Roberts

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