How Debt Reset works in 3 steps
A once-off option to manage short-term unsecured debt using your existing Discovery retirement contributions.
Pause your Discovery retirement contributions
Your Discovery retirement contributions are temporarily paused during the relief period.
Use that amount to pay your short-term unsecured debt
You pay your debt yourself while we monitor that your debt balances are going down.
We boost your retirement after the relief period
When the relief period ends, Discovery, as the administrator of the fund, will contribute extra to your boost fund to help you catch up to your original savings path.
Calculate your smarter path to financial freedom
What makes Debt Reset different
Debt Reset is a once-off opportunity for Discovery Retirement Fund members that helps you focus on short-term spend-related debt now and recover your savings later without debt counselling or credit score impact.
Clear debt faster
You use your existing retirement contributions during the relief period to focus on your short-term unsecured debt. This is not debt counselling and it doesn't affect your credit score.
Pay less interest over time
You may lose investment returns during the relief period, but most unsecured debt grows at a higher rate than typical retirement funds. That makes paying debt first a stronger long-term position.
Get retirement back on track
Once the debt period ends, contributions resume and Discovery adds a boost into your pension or provident fund. It remains invested until retirement and can grow over time.
Why employers and employees are choosing Discovery's Retirement Funds
Debt Reset becomes available when a company's retirement fund is with Discovery. Employers and employees are choosing it because it improves financial wellbeing while keeping processes simple.
Reduce financial stress
Debt stress affects productivity, focus and absenteeism. Debt Reset helps employees get back on track without debt counselling or damaging their credit score.
Empower employees
Employees manage their own debt journey privately and responsibly, with Discovery tracking progress and providing support - without HR or payroll being pulled into personal financial matters.
Support long-term financial strength
Once debt is reduced, contributions resume and Discovery (as the fund's administrator) add a boost to help retirement recover. Also, debt-managed employees tend to make better savings decision in the long term.
What you need to know about Discovery Debt Reset
The successful use of Debt Reset is a once-off opportunity for Discovery Retirement Fund members.
If you don't use your extra take-home pay to reduce your debt, we'll stop your contribution relief. However, we'll give you 2 more opportunities to use Debt Reset.
Yes, an increase in taxable income may result in a higher tax bracket on only the extra income, however Debt Reset will allow you to save interest and contribute more to savings over time.
Discovery will track your aggregated short-term unsecured debt balances monthly for monitoring. Your employer will not have access to this data.
No, this is not debt counselling. This programme is run entirely by Discovery for the purposes of better long-term savings decisions.
We will add your boost to your total savings when you retire from the fund.
Debt Reset will let you pause your total contribution across both pension and provident funds.
This benefit will apply to all unsecured debt listed on your credit report. Prescribed debt is typically not listed on your credit report and would not be included in the benefit.
Yes, if your employer has activated Debt Reset, existing employees can access it at any time. If you've joined your employer after Debt Reset has been activated at your employer, you will have to wait a year before accessing the benefit.
Since contributions are paused, you will have an increase in your net salary into your bank account.
If your unsecured debt reduces to zero, your contributions will be restored, and you will receive a boost based on the contributions you missed during the Debt Reset period.