The two-pot system could be quite an elegant solution. One of the biggest challenges for many people is to leave the money in their pension fund untouched: Richard Carter – Allan Gray.
SIMON BROWN: I’m chatting now with Richard Carter, head of Assurance at Allan Gray. Richard, I appreciate the early morning. The 2022 Mercer CFA Institute Global Pension Index ranking put South Africa 34th out of 44 countries, which on the surface sounds really bad. I imagine there are bunches of nuances into this. We’ll dig into some of those in a moment.
SIMON BROWN: I take your point. We are up against the A team in this example. The short answer is our retirement industry and the funds associated are, by and large, actually very good. RICHARD CARTER: Absolutely. It really could be quite an elegant solution. I think the road to get there could be a little bit torturous because it is a big change. But it should be a more sustainable system in the long term once it’s in and working. There’s this balance between access to cash and long-term savings for retirement. I think it could be a better system yet.RICHARD CARTER: No. March is very ambitious. We’re still waiting to see whether that will change or not.
RICHARD CARTER: Absolutely. Look again, it depends on whom we compare ourselves to. In some countries contributing to a pension fund is compulsory, whether that is through an employer in some countries or whether it’s through the state, the bottom line is it’s compulsory. In South Africa it’s not compulsory – neither contributing nor the amount.
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