The Greedy Feed Well off the Billions You Have Saved; in an Acsis/Personal Finance Financial Planning Club Presentation, Personal Finance Associate Editor Bruce Cameron Looked at the Ways Retirement Funds Have Been Plundered. by Our Staff Reporter

Cape Times (South Africa), September 21, 2013 | Go to article overview

The Greedy Feed Well off the Billions You Have Saved; in an Acsis/Personal Finance Financial Planning Club Presentation, Personal Finance Associate Editor Bruce Cameron Looked at the Ways Retirement Funds Have Been Plundered. by Our Staff Reporter


Billions of rands have been lost to retirement fund members over the past 20 years because of the excesses of an industry that all too often has seen retirement savings as a source of easy profits. Your retirement savings have been subjected to theft by individuals, employers and even trade unionists, and regulatory structures have too often failed you.

Bruce Cameron, associate editor of Personal Finance, who was speaking at a meeting of the Acsis/Personal Finance Financial Planning Club, says that attacks on your retirement savings seem to be becoming more regular and ever greater in scale as the R1.3-trillion industry (which excludes state pension funds) gathers ever more assets.

However, Cameron says, the main reason most retirement fund members do not retire financially secure is not because of the abuses of the industry, but because they fail to save enough, fail to preserve their savings for retirement, and retire too soon.

The abuse and theft of retirement savings adds to the problem.

And he adds that most retirement funds are managed properly. The problem is that when there are attacks on your retirement savings, they tend to be singularly significant and can wipe out your entire nest egg.

Cameron warned that unless a stop can be made to the excesses - both legal and illegal - the willingness of individuals to use retirement savings vehicles could be compromised.

He says that the regulators and other gatekeepers, such as retirement fund trustees and service providers, have to improve their vigilance and often their ethics too, to better protect your retirement savings.

And members themselves also need to play a role in ensuring those with ill intent are kept at bay. …

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