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Retirement annuity
Will I be penalised for a Liberty RA withdrawal?
Typically, if you have made your Liberty RA account paid up, Liberty will already have deducted any termination charges.
Read moreCan 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
Read moreWhat 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".
Read moreWhat 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.
Read moreWhat are the consequences of canceling my retirement annuity?
f you cancel the policy before maturity date (normally in the year you turn 55)
Read moreCan I get my money back if I cancel my retirement annuity?
While you can't "cancel" an RA in the traditional sense, you do have options for accessing your funds under certain circumstances.
Read moreWhat is the annual growth that can be expected on the10X Retirement Annuity?
The annual growth of your 10X Retirement Annuity (RA) depends on several factors, particularly the fund you choose.
Read moreCan 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
Read moreIs 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".
Read moreWhat 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.
Read moreCan 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).
Read moreCan 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.
Read moreDo 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.
Read moreCan 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.
Read moreWhat is the maximum I can contribute towards a retirement annuity?
Retirement Annuity contributions are tax deductible under S11(k) of the income tax act.
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