What is it? It’s an investment that gives the investor flexibility to be able to invest in underlying investment funds and decide on their annual income within certain prescribed limits.
A few months after the new default regulations for retirement funds came into effect, they have brought to light a few points that will have to be addressed. Here are six.
Who qualifies for such a withdrawal?
• A member of a retirement annuity fund, pension preservation fund or provident preservation fund who has discontinued his/her contributions before his/her retirement date and where he/she has formally emigrated from South Africa, with such emigration having been recognised by the South African Reserve Bank for the purposes of exchange control;
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.