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Retirement Annuity

Retirement Provision products

Retirement Annuity How does a retirement annuity product work? Benefits of a Retirement Annuity Find a retirement annuity that will work best for you

Retirement Annuity

A retirement annuity is the policy which is selected by a member or prospective member of a retirement annuity fund and taken out by the retirement annuity fund to accumulate the capital to provide the member with an annuity at retirement. The member’s contributions to the retirement annuity fund are used as contributions for the policy.   The Plandirect website gives you the opportunity to find a financial advisor or to request a quote and buy a retirement annuity direct from big brand well respected product providers. Depending on the term and payment you intend to make, you have hundreds of underlying investment funds to select from in a new generation retirement annuity!
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How does a retirement annuity product work?

You make regular contributions towards a retirement annuity. You receive a tax advantage – current legislation allows you to deduct a portion, or even all, of your contributions to a retirement annuity from your taxable income, subject to certain limits. Your investment cannot be seized by your creditors. So your retirement savings are safe. Your contributions are invested in investment funds of your choice, which grows over time through returns earned on the investment funds. You can retire at any age from age 55. When you retire, you will receive a retirement benefit. Up to one-third of your benefit can be taken in cash, while the rest must be reinvested and used to pay you a regular monthly income or pension for the rest of your life.

Benefits of a Retirement Annuity

There are many benefit associated with retirement annuities. The benefits you receive for investing in a retirement annuity, are to encourage more people to provide for their retirement. Read about some of the benefits on this webpage and make an informed decision whether you want to enjoy this benefits! The most important benefit of a retirement annuity is that it is a disciplined way of saving  towards your retirement and a retirement annuity is one of the best retirement provision instruments available to realise your dreams. There are many tax advantages associated with a retirement annuity: Contributions are tax-deductible up to a certain maximum. Use the calculator to determine your maximum. Disallowed contributions can be carried over to the next year of assessment and, if unused during the total contribution period, can be offset at retirement to increase the tax-free portion of the lump sum, the annuity or other income. The funds you select within the retirement annuity are taxed very favourable. (interest earned, dividend income and capital appreciation are tax free) Your lump sum on death or retirement is tax-free up to R 500 000 (2014 /2015) Amounts more than R 500 000 on death or retirement enjoys a favourable tax-rate. You can deduct a further R1 800 per year in respect of arrear retirement annuity contributions. On death, any benefits paid out by way of an annuity are free of estate duty. Should you become insolvent, your money is safe in the retirement fund, as your creditors cannot seize the fund benefit. Should you change jobs, you don’t have to terminate your investment, you simply continue contributing to the retirement fund. No executor’s fees are payable on retirement annuity benefits. Beneficiaries do not have to wait for the estate to be wound up before they have access retirement annuity benefits. With the new generation retirement annuities we offer a transparent savings vehicle with a variety of underlying investment options so that you can spread your risk over time. You have a choice at retirement between a conventional annuity or an equity-linked living annuity. You can build up a fund for post-retirement medical expenses in a tax-efficient way.

Find a retirement annuity that will work best for you 

Every new generation retirement annuity product has its own unique characteristics regarding minimum and maximum payments available, funds to choose from, fees, loyalty bonuses, etc. Whether you contact a financial advisors in your town or request a retirement annuity quote direct from and experienced financial advisor, the financial advisor will assist you to find a new generation retirement annuity according to your unique needs and requirement.
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