Wierzycka, Heystek on revolutionary change for SA savers - retirement funds' 30% foreign cap removed
In the mid-term Budget Finance Minister Tito Mboweni dropped a silent but violent bombshell. The 30% cap on the foreign component of retirement funding has effectively been lifted - if they wish South Africans can now effectively invest 100% of their savings in foreign assets. In the light of continued poor returns from SA investment markets, the change removes one of the key drivers of financial emigration by those with the means to do so. In this podcast, financial heavyweights Magda Wierzycka of Sygnia and Magnus Heystek of Brenthurst explain the implications - and why they regard this as a major breakthrough for savers.