Johannesburg – More than half (60%) of pensioners did not believe their savings were sufficient to last them the rest of their lives, a new survey released on Thursday found.The 2010 annual Sanlam survey of the local retirement fund industry and its members showed 80% of retirement funds did not provide post-retirement medical aid, and that 50% of pensioners faced increasing responsibilities such as dependants, while 29% still had debt.

The findings were “extremely worrying” given that while the respondents polled were actively saving for retirement or had done so in the past, they were not doing enough, CEO of Sanlam employee benefits Paul Myeza said.

“If those who are currently saving are doing so inadequately, and it is well known that many, many South Africans aren’t saving at all, then we are facing a national crisis that needs to be urgently addressed by legislative channels.”

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