Mica Townsend, Business Development Manager at 10X Investments.
Photo: Supplied
Mica Townsend, Business Development Manager at 10X Investments. Photo: Supplied

Many know little, couldn’t care less about their company pension fund

By Mica Townsend Time of article published May 8, 2020

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DURBAN - Industry statistics show that many members of corporate retirement savings funds aren’t even aware that they belong to a fund.

Those who do know they belong to a fund often have no idea who their fund is with, how their savings are invested, or where to get a statement to see they are tracking towards their retirement goal … if they have a goal at all.

Even if they know all the above, many people never bother to look at their statement, planning to rather “deal with it at a later stage”. 

Industry stats confirm anecdotal evidence that shows a staggering majority of people know little and often care even less about their funds.

That people are ignorant about such an important topic is worrying; that they couldn’t care less is terrifying. Often it is never quite the priority that it needs to be, until it is too late.

10X Investments recently published a simple, downloadable guide to corporate retirement savings funds to tackle this national problem. The South African guide to corporate retirement funds, which is free to anyone to download, is designed to make it easy for people to make the most of their funds. 

The ebook will help educate members about what many people see as a grudge purchase, without them having to put in time and effort looking through lots of different resources.

As well as giving a general understanding of how funds work, this guide will help members know what to look for and how to understand their statements.

It will also empower members to ask HR managers and team leaders smart questions about what will potentially be one of the biggest investments of their lives.

For these HR managers and team leaders, and other ‘go to’ people in the office, the guide will mean they won’t have to answer the same basic questions from members over and again. 

Reading the guide will also give them a good basis from which to compare different types of funds and structures. They will be better able to judge their fund, and to ask the right questions of their providers and administrators.

Mica Townsend, Business Development Manager at 10X Investments

BUSINESS REPORT ONLINE

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