Evaluating future of pensions in SA 'critical'

Cape Town - Evaluating the future of pensions in South Africa has never been more critical, according to Elias Masilela, executive chair of DNA Economics and commissioner of the National Planning Commission.

"Our country has one of the worst savings rates in the world, and both economic and political factors – as well as increasing longevity – are resulting in fewer and fewer of our citizens being able to retire comfortably," cautioned Masilela at the recent release of the 2016 Sanlam Benchmark Survey results.

"Government’s proposed reforms of the retirement industry will go a long way towards addressing this dismal state of affairs, but there are certain critical factors which will play a key role in the long-term success of these changes."