Retirement Annuity Maturing?

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Retirement Annuity Maturing?

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Are you close to retirement? Let's plan your monthly income.

The ability to retire comfortably is determined by how much has been saved before retirement, the time allowed for savings to grow, and the return achieved on the savings.

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Switching to the myretirement solution may very well be your best retirement planning decision.

Living annuity fund

Looking for a flexible solution to managing your post-retirement income? Invest in a Living Annuity (with 40% offshore allocation limit) and draw a steady income designed to meet your needs. You decide how the underlying assets are managed and the rate at which you draw on them.

“Once I retired, I wanted to be able to relax and enjoy myself. And spoil my grandchildren.”

Ideal investor

A living annuity is suited to individuals who:​

  • retire and receive proceeds from a retirement fund.​
  • seek to receive regular income from a flexible retirement investment vehicle.​
  • wish to have control of the underlying investment choices.

Features of a living annuity

Advantages

  • Create a post-retirement income.
  • All taxable growth, including interest income, net rental income, dividend income and capital gains, is tax free.
  • Flexibility to adjust your income annually.
  • Your investment is protected from creditors.
  • You can switch/transfer between investment funds on the investment platform at any time and at no cost.
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Limitations

  • You may not cede your investment in the Sygnia Living Annuity, nor use it as security for any debts or commitments.
  • You must nominate the level of income you wish to draw from your accumulated capital. Current legislation requires that you select an income of between 2.5% and 17.5% of your capital every year. You may receive your income monthly in arrears, quarterly in advance, half yearly in advance or annually in advance. You may change the level of income to be drawn and the frequency of receipt on the anniversary of your investment each year.

Tax-Free allowance

  • Once you invest your capital in a living annuity, all taxable growth, including interest income, net rental income, dividend income and capital gains, is tax free.
  • All annuity payments are subject to tax in accordance with prevailing income tax legislation.
  • Sygnia will issue you with a tax certificate on an annual basis.

Administration Fees on myretirement solutions

Minimum R500 per month. 50% will invest in Sygnia funds or ETFs and 50% will invest in RSA BCI funds.

Investment management fees
The myretirement hybrid solutions offers active investment management at passive rates, never exceeding 1% per annum.

Financial advisor fees
These are negotiable with your financial advisor within the following parameters:
Initial fee: Maximum of 3% (excl. VAT) deducted prior to investing
Annual fee: Maximum of 1% per annum (excl. VAT).If an initial fee in excess of 1.50% is deducted, the annual fee is limited to 0.50% per annum.

Required documentation

  • Copy of South African green barcoded ID/ South African Smart ID Card, birth certificate (if minor) or valid passport (if a foreign national).
  • Proof of residential address not older than 3 months.
  • Proof of bank details not older than 3 months.
  • Proof of deposit/transfer into the relevant Sygnia bank account.
  • If a unit transfer is required, please provide a recent statement of your current investment.

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