DStv Channel 403 Thursday, 05 December 2024

Breaking the bank to break into your savings

JOHANNESBURG - The Financial Sector Conduct Authority is investigating fees charged for two-pot retirement withdrawals.

Its recent survey revealed the average fee for withdrawing R30,000 is over R350.

But there's significant variation among providers, with some charging up to R600.

Fund administrators are defending the fees, citing implementation costs.

To help us understand what these fees mean for retirement fund members and if they're justified, we're joined by personal finance journalist Maya Fischer-French.

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