Empowering South Africa's working class

WHETHER you are a teacher in Tembisa, a nurse in Knysna, or a factory worker in Pinetown, your pension is more than just a deduction on your payslip. It is a long-term investment in your future security and dignity.

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It is your money, and you have a right to know where it goes, how it grows, and whether it is being managed in your best interest.

Many South Africans contribute to pension funds without fully understanding the rules, risks, and rights that govern them.

This lack of awareness, which is often rooted in limited financial literacy, can lead to confusion, missed opportunities, and exploitation.

In our view, pension literacy should be treated as a basic right. Workers deserve to understand how their retirement savings are invested, what fees are deducted, and who makes decisions on their behalf.

I believe that pension transparency is essential. Trustees must act in members' best interests, and members should hold them accountable. Know who your trustees are and what they decide. Review your annual benefit statements carefully. If they are unclear or you cannot understand them, ask for help. Many workers feel overwhelmed by financial jargon, but you are entitled to clarity. Your pension is your power. Do not allow silence or confusion to stand in the way.

The Pensions Fund Act 24 of 1956 is undergoing major changes to align the Act with broader financial reforms, reinforcing legal accountability for trustees and employers.