RETIREMENT

In terms of the Rules of the Fund a Member can take early retirement from age 55 until the normal retirement age of 65.

Default Options:

All Funds are required to have a Default Annuity Strategy to assist members with their decisions at retirement. The default regulations require that a Fund provides Benefit Counselling to members to enable them to better understand the Fund’s default annuity strategy solutions and thus make a more informed decision when retiring.

The Fund has engaged Liberty Corporate to implement an annuity strategy, which is cost effective and easy to understand.

Click here for: Benefit Counselling Brochure

Click here for: Liberty Annuity Quote request

Click here for: Liberty Consent form

Options available to Members at retirement from the Employer:

• Retire from Fund: Receive 100 % of the Member Share in cash. Members are however cautioned that this may have serious tax implications which must be considered.
• Retire from Fund: The member may use a combination of cash and transfer a portion of the Member Share to purchase a pension from a registered insurer of the Member’s choice. (Cash portion is subject to Tax)
• The member may leave the full amount in the Fund as a Deferred Retiree until such time as the member wants to exercise additional options.
• The member may transfer his/her Pension Benefit to a Preservation Fund and retire at a later stage

Should you neglect to make a selection when you exit the service of the Employer, you will automatically become a Paid-up Member of the Fund as a Preserved Member. This means your money will remain invested in the Fund and will continue to grow with investment returns until such time when you exercise a choice or you reach retirement age. A monthly administration fee will be deducted.

No contributions may be made and you are not covered for death and disability. However, in the case of death, your Member Share will be distributed in terms of Sect 37C of the Pension Funds Act.