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Did you know you can use a portion of your retirement fund for housing needs?

702 logo 702 2021/09/29
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Pension fund members can access their funds to buy a property, renovate a property or pay off a housing loan.

Section 19(5) of the Pension Funds Act permits the granting or guaranteeing of housing loans.

Speaking to Mandy Wiener, Momentum Corporate advice and administration senior consultant Shameer Chothia says the funds can not be used for any other purpose.

Many retirement fund members are not aware of the current legislative framework which allows for retirement funds to offer these kinds of housing loans guarantees.

Shameer Chothia, Advice and administration senior consultant - Momentum Corporate

There are progressive retirement funds like FundsAtWork which make it possible for members to use these savings. A member can use a portion of their retirement savings which they can use for purposes of a housing loan.

Shameer Chothia, Advice and administration senior consultant - Momentum Corporate

Listen to the full interview below:

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