Under the current regime, if a member of an occupational pension or provident fund leaves their job, they are able to withdraw the full balance of their savings in the fund, subject to tax. Sometimes this money is desperately needed, especially when an employee is dismissed or retrenched and has no other source of income. However, even when changing jobs with no reduction in income, the vast majority of South Africans choose to cash out their pension or provident fund savings.

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