We are often asked if a fund member can borrow from the fund that they contribute to or use the fund as security against a loan from a financial institution.
You cannot use your fund as security under any circumstances. This is specifically laid out in the Pension Funds Act.
If your fund rules permit, you may borrow from the fund but this is restricted to borrowing money for your primary residence and other than that, the only time you have access to your fund is when you retire or resign.
The interest on a loan from your pension fund is determined by the fund administrators.
Be aware, there are very special circumstances under which a loan for property related uses can be made and the funds rules must allow for it. It must also be remembered that a pension fund is not a bank and unless your personal fund has enough value, you will not be able to loan more than that.
Hi I need to borrow money from my pension fund to pay up my debt but I want to know the interests in return?
I would like to know if my Pension fund can buy me a house ?
I have not claimed from my previus imployer
Hi I need my pension fund to pay a deposit for the house I am purchasing, the bank is requiring a deposit, and also to pay the balance in my car. This is urgent
hello I want to borrow a certain amount of my pension I want finish my house and buy a car I don’t want to go to the bank and pay all my debts
I need to borrow money from my pension, I want to finish my house I already have loan from the bank I want to know the interests in return?