Browse FAQs

Retirement annuity

What are the consequences of canceling my retirement annuity?

If you cancel the policy before maturity date (normally in the year you turn 55), the policy will be made "paid-up".

Can a person have more than two retirement annuities?

Investors can take out as many RAs as they choose, with the same or different providers. They can all be accessed at different times. However, the rules relating to the minimum amount requiring annuitisation (R247,500) are applied per fund

What happens to my retirement annuity when I resign?

, Irrespective whether you belonged to a Group RA scheme or took out the retirement annuity yourself, the retirement annuity is a savings product for individuals, registered in your name.

Is it legal to be penalised for reducing my retirement annuity premium?

Good practice no but legal and the industry standard, yes. If your retirement annuity is based on a policy (i.e most life insurance retirement annuities) then you are bound by the policy "terms and conditions".

What happens to my retirement annuity if I get divorced?

The divorce decree/settlement determines how the marital assets are divided, and it will have to make specific mention of the retirement annuity.

Can I use my retirement fund as security for a loan?

The short answer is no. In terms of the Pension Funds Act, you are not allowed to pledge or cede your retirement fund, or use it as security for a loan (other than a housing-related loan, if the fund rules provide for this).

Can I borrow money from my Sanlam Provident Fund?

ou can only borrow money from your Sanlam Provident fund if your Fund rules permit this and the loan is for a purpose as specified by the Pension Funds Act (ie housing related). Check with your HR department.

Do I get my money back if I cancel my Metropolitan RA?

You will only get your money back if the paid-up value of your Metropolitan RA is less than R7 000. Otherwise you must wait until your turn 55.

Can I access the money in my Metropolitan Retirement Annuity?

Unless your paid-up retirement annuity value is less than R7 000 you will not be able to access your money until you turn 55.

What is the maximum I can contribute towards a retirement annuity?

Retirement Annuity contributions are tax deductible under S11(k) of the income tax act.

How do I top up my RA using My10X?

You can make a top-up to your 10X investment on our member portal, My10X.

Do you pay tax on a retirement annuity?

Even though retirement annuities are tax-efficient investment vehicles, there are instances whereby you would be liable to pay tax on the proceeds of your annuity.

Who should consider using a retirement annuity?

It’s never too early or too late to start saving for your retirement.

What is the annual growth that can be expected on the 10X RA?

We cannot forecast future investment returns as future investment returns are unknown. For this reason, every fund manager will have a disclaimer on their investment reports, stating that past performance does not guarantee future performance.

Can I withdraw my Sanlam RA before age 55?

it is your money, but unfortunately you may not access your Sanlam RA until you are 55. This applies to all RAs. The reason is that this money is intended to help fund your retirement; in return for your foresight and savings discipline

1 2 3 Next

How can we 10X Your Future?

Begin your journey to a secure future with 10X Investments. Explore our range of retirement products designed to help you grow your wealth and achieve financial success.

Get started Learn more