Andrew Watson: The 'most influential' black footballer for decades lost to history

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  By Andrew Aloia BBC Sport Last updated on 11 October 2021 11 October 2021 . From the section Football Watson was a trailblazer who helped transform how football was played There are two murals of black footballers facing one another across an alleyway in Glasgow. One helped shape football as we know it, the other is Pele. Andrew Watson captained Scotland to a 6-1 win over England on his debut in 1881. He was a pioneer, the world's first black international, but for more than a century the significance of his achievements went unrecognised. Research conducted over the past three decades has left us with some biographical details: a man descended of slaves and of those who enslaved them, born in Guyana, raised to become an English gentleman and famed as one of Scottish football's first icons. And yet today, 100 years on from his death aged 64, Watson remains something of an enigma, the picture built around him a fractured one. His grainy, faded, sepia image evokes many differen...
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Proposed pension changes could make it virtually impossible to retire comfortably in South Africa: CEO

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 11 May 2021

The Pensions Funds Amendment Bill currently being considered in parliament could cause significant damage to the retirement industry, says Glenn Gamsy, chief executive of GIB Financial Services, a financial advisory consultancy and retirement fund administrator.

The bill, which has been proposed by the Democratic Alliance, will allow retirement fund members to access a portion of their retirement savings in cash before retirement as a guarantee for a loan.

The DA has proposed that the law be amended to allow retirement fund members to access up to 75% of their retirement savings as security for a bank loan, instead of the current circumstances where members can use their savings as surety to obtain a home loan only.

Gamsy said that while there is a need to provide households with access to cash to ease financial shortfalls – particularly during times when consumers are financially under significant stress – accessing cash from retirement funds will have a significant impact on the levels of retirement savings.

“High withdrawals, both from a volume and value perspective, will be disruptive on several levels.

“Apart from increasing the administrative burden on retirement fund administrators, the knock-on effects are substantial and have the potential to impact the economy given the scope of retirement fund investments in current and planned infrastructure projects .”

Gamsy said his firm’s other major is the impact this will have on funds available to members upon retirement.

“At its core, pension fund legislation is designed to safeguard retirement savings to ensure that consumers can sustain their lifestyles upon retirement. Prudent retirement planning and saving can literally be a lifesaver at times when expenses remain but there is little or no additional income.”

The end of a comfortable retirement in South Africa 

Gamsy said that South Africans historically have a low savings culture and it is estimated that only between 6% to 8% of workers save enough to retire comfortably.

Allowing consumers to access 75% of their retirement savings before retirement will render it virtually impossible for them to maintain a suitable standard of living when they stop working, he said.

Exacerbating this is the culture of consumerism, conspicuous consumption and instant gratification and there is no way of guaranteeing that retirement fund cash withdrawals will be used responsibly.

“This is a complicated issue, and we are fully aware of the economic and political sensitivities around this debate. However, we are equally aware of the potential repercussions down the line.”

A retirement fund is a financial asset designed to cushion consumers from retirement age onwards, Gamsy said.

He added that there is no point in using pension funds to solve an immediate problem if this results in an inability to fund a lifestyle post-retirement, which will see further burdens on the state social security system.

“We are aware that government continues to engage a broad group of stakeholders on this matter, and we acknowledge there is an urgent need to provide some form of short-term support, but we urge players to take a longer-term view that maintains the integrity of the pension fund foundation and protects consumers by giving them a guaranteed retirement safety-net rather than having to rely on government in their later years.”

Read: Why the rand’s rally under R14 to the dollar might not be over yet

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