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Cape Town - As the domino effect of the SA Reserve Bank placing African Bank under curatorship continues, some Fin24 users are raising their concerns about the impact it could have on their pension or provident funds.
Concerned Civil Servant Piet writes:
I am a civil servant, more specifically a teacher. I am concerned about our pension fund.
How will these developments with African Bank affect our pensions?
Fin24 user Johan writes:
Our portfolio manager invested some of our funds at a fixed interest rate with African Bank [a few days before it was placed under curatorship].
Although the portfolio manager has power of attorney to act on our behalf, I have lost all trust in him.
Fin24 asked the African Bank curator, Tom Winterboer of PwC, what the impact is on people whose pension or provident fund managers had made investments in African Bank and what these people, including civil servantsm can do about it.
Winterboer responds:
All queries and questions should be directed to the various pension fund managers who have invested in Abil.
They would be best placed to answer the questions.
- Fin24
Disclaimer: All articles and letters published on MyFin24 have been independently written by members of the Fin24 community. The views of users published on Fin24 are therefore their own and do not necessarily represent those of Fin24.
