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OASIS CRESCENT PRESERVATION PENSION FUND
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KEY INFORMATION
Type of Fund: Preservation Pension Fund
Registrations: Financial Services Board and the South African Revenue Services.
Risk Profile: Moderate (Balanced investment mandate in accordance with Prudential Guidelines)
Administrator: Oasis Crescent Retirement Solutions (Pty) Ltd
Investment Advisor: Oasis Crescent Capital (Pty) Ltd
Key Characteristics
The Fund accepts transfers from other approved Pension Funds with the intention of preserving the benefits due to the member. The member and the employer from whom he or she is resigning must apply to the Oasis Crescent Preservation Pension Fund before the termination of employment of the member.
It is possible to make one withdrawal from the Oasis Crescent Preservation Pension Fund prior to retirement. Tax will be due on such a withdrawal.
It is not necessary to retire from employment to retire from the Oasis Crescent Preservation Pension Fund but the member must be older than 55 to retire. On retirement from the Fund, the member may take a maximum of 1/3rd lump sum benefit, part of which may be tax-free, subject to the application of applicable taxation. The remainder must be used to purchase an annuity.
Suitability
The Oasis Crescent Preservation Pension Fund is suitable for individuals who are intending to resign from employment, who are members of a pension fund and who wish to preserve their benefits.
Contributions
Contributions, other than transfers from approved Pension Funds, are not possible.
Investment Options
The member can choose between three investment portfolios that include:
- New Moon - High Equity Portfolio with a benchmark of CPI + 3%
- Half Moon - Progressive Portfolio with a benchmark of CPI + 1%
- Full Moon - Stable Portfolio with a benchmark of CPI
These portfolios have been designed to coincide with the changing needs of investors, as they approach retirement.
Benefits
Benefits are provided in the form of a maximum of 1/3rd lump sum, part of which may be tax-free. The remainder must be used to purchase an annuity. Your investment is not guaranteed and may rise and fall in accordance with market conditions. The investment philosophy of Oasis, however, is to provide consistent superior returns at lower than market risk.
Withdrawal or Retirement
A member may only withdraw or retire from the Fund between the ages of 55 and 70 although one withdrawal before retirement is permitted. Tax will be due on the withdrawal.
Death
In the unfortunate event of death of the member, the funds will be paid to the nominated beneficiary, subject to the requirements as contained in Section 37C of the Pension Funds Act.
Shari’ah compliance
The funds are managed in accordance with the Shari’ah mandate.
Costs
The fees are transparent and include an administration & investment management component. Investment management fees are linked to the performance of the underlying portfolios to provide the investment manager with an incentive to perform. All the fees should be disclosed to you by your financial advisor.
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Withdrawal or Retirement
Retirement Lump Sum Benefits
| Lump sums accruing between 1 March 2014 and 28 February 2018 | |
| Taxable portion of withdrawal | Rates of tax
| | R 0 - R 500
000 | Nil | | R500 001 - R
700 000 | 18% of the amount
over R 500 000 | | R 700 001 - R1
050 000 | R 36 000 + 27% of the
amount over R 700 000 | 1050001 +
| R130 500 + 36% of the
amount over R1 050 000 |
Withdrawal Lump Sum Benefits
Lump Sum accruing between 1 March 2014 and 28 February 2018
| Taxable portion of withdrawal | Rates of tax
| | R 0 - R 25
000 | Nil | | R25 001 -
R660 000 | 18% of the amount
over R 25 000 | | R660 001 -
R990 000 | R114 300 + 27% of the amount over R660 000 | R990 001 +
| R203 400 + 36% of the amount over R990 000 |
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