When it comes to life insurance, it’s not so much about what’s in it for you but what’s in it for the people you love and who depend on you financially. Of course nobody likes to think about their own death but it is necessary if you’re going to put a plan in place that ensures the financial future of the people you leave behind.
Expected changes to the income tax laws in March 2019 will allow members who emigrate before they reach retirement date more flexibility to withdraw their retirement funds when they leave the country.
One of the key benefits of investing for retirement using a retirement fund is the generous tax deduction for contributions, subject to a maximum of 27.5% of the greater of your taxable income or remuneration, with an annual ceiling of R350 000.
We are pleased to inform you that we have removed the foreign asset limit for the Allan Gray Endowment, effective 12 December 2018.
Endowment accounts will be allowed up to 100% in foreign assets, up from 60% since April 2018
As Living Annuity and Endowment investors use Allan Gray Life’s foreign asset allowance instead of their own, we need to manage Allan Gray Life’s overall foreign asset exposure to ensure that we comply with the South African Reserve Bank’s exchange control regulations.
As part of our ongoing effort to make our Offshore Investment Platform more accessible to clients, we are pleased to inform you that investors will have the option of using South African rands for lump sum investments into new and existing offshore accounts, effective 12 October 2018. We have negotiated preferential rates with an authorised dealer, who will convert clients’ rands into foreign currency. Minimum investment amounts are shown in the table below.
INCREASING THE FOREIGN ASSET LIMITS FOR LIVING ANNUITY AND ENDOWMENT ACCOUNTS
We are pleased to inform you that we have increased the total allocation that clients can invest in foreign assets within Living Annuity and Endowment accounts and have improved the way we manage foreign exposure in these accounts. This is effective today, 5 April 2018.