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FedGroup recommends abolition of member investment choice for retirement savings

[Johannesburg, 22 October 2014] - FedGroup, South Africa's only independent life insurance provider, believes the practice of offering member choice, in which members of retirement funds choose the assets in which their savings are invested, should be discontinued in the best interests of the public.

FedGroup's recommendation comes in the wake of the publication of the 2014 Sanlam Benchmark Survey, which shows that member choice retirement savings are badly managed by those who select the option.

"What this means is that people who opted for member choice are retiring with far less money than they should," says CEO of FedGroup Life, Walter van der Merwe. "Certainly, their retirement savings are typically well below what they should have been, making it much more difficult for them to maintain their standard of living.
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FedGroup recommends abolition of member investment choice for retirement savings

Last updated : 22 October 2014

 
 
 

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