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Pension Annuity

When do I start considering investment in the Pension Annuity?
Only once you retire and you are in need of an income, once you have stopped working.

What are the sources of funds that can be used to fund the investment?
Your retirement annuity or preservation pension or preservation provident fund is used to fund the investment.

How is this investment taxed?
Investment income accruing on the investment portfolio of a living annuity during the term of the policy is untaxed while in the hands
of the life insurance company. Your monthly annuity or pension is taxed in your hands as income.

What rate of tax is payable on the Pension Annuity?
The rate of taxation will depend on your total taxable income during any year.

How does the pension / annuity amount get paid to me?
At the time of completing the application form you will select the income rate as well as the frequency of the income. You are
required to provide bank account details, in your name, into which the annuity will be paid.

How do I make adjustments to the income or the frequency of payment?
Annually your annuity would be adjusted by the rate decided upon by the insurer and will be communicated to you.

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