Pension Bridging

Research statistics and information gathered in South Africa show that retirees quite often are financially challenged and do not have enough funds to live on.Stats show that 64% have had to cut back on their living expenses and 31% had to carry on working. Stats also show that total employer and employee contributions stand at an average of 11.7%(average employer contribution of 10.8% and employee contribution of 5.8%) falling short of the recommended average of 15%. All these stats point to the fact that South Africans face a retirement crisis. One business concern trying to ease this picture with provident bridging funds is Pension Bridging. Pension Bridging has committed itself to providing this financial facility to those who have resigned, been retrenched, dismissed, divorced or just need money from a deceased estate.

Types of Bridging Finance available include Pension/Provident Package Payouts,Resigned,Retrenched or Dismissed and Death Claims.

Provident bridging finance can be described as a loan taken against ones provident fund savings.Loans against provident fund savings are personal loans which are normally granted by a private company.Loans against provident fund savings are permitted if you have given the fund termination notice.This is also unsecured loan because you are essentially taking money from pension to fund day to day expenses or settle debt.

In order to secure provident fund loans or a provident funds loan,you need to be in possession of a valid ID,show proof of residence and have a bank account where your income is deposited.You also need to have resigned from your fund.It is also important to remember that loans on provident fund can only be applied for by you and not another person. A divorce pension loan can also be applied for by a spouse with the consent of the other spouse or if a court has ruled in your favour.

You can apply for this finance through established online platforms.