Changing Jobs?

Are you changing jobs? Let's plan your retirement.

Accessing your retirement monies prior to retirement can be detrimental to your future ability to retire financially independent. Preservation funds are designed to preserve your savings and offer members of a pension fund who are in the process of leaving the service of an employer, the opportunity to preserve their existing retirement benefits.

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

What is a Preservation fund?

Changing jobs? You can roll the funds from your former employer’s retirement plan into a Pension or Provident Preservation Fund. All the tax benefits will still apply, and you won’t pay any transfer or exit fees. Most importantly, your investments will be secure and growing while you figure out your next step.

“Changing jobs was so stressful! It was great to know that I could count on the myretirement team to help me transition – and I avoided the temptation of cashing out.”

Ideal investor

Preservation funds are suitable for individuals who:

are in the process of leaving the service of an employer.
wish to preserve their retirement capital.
seek to invest in a flexible retirement savings vehicle.

Features of a preservation fund

Advantages

Retirement savings are safeguarded.
All taxable growth, including interest income, net rental income, dividend income and capital gains, is free of tax.
No initial or exit fees apply.
Retirement savings plans that allow you to preserve your accumulated capital in an occupational pension or provident fund, with all its tax benefits, when you change employment (resignation, retrenchment or dismissal).
You may transfer from an existing preservation fund to the Sygnia Preservation Fund. You may also transfer out of the Sygnia Preservation Fund to another approved preservation, retirement annuity or occupational pension or provident fund.

Limitations

You may not borrow from your investments in the Preservation Fund.
You may not cede your investment in the Preservation Fund, nor use it as security for any debts or commitments.
The Preservation Funds allow for one full or partial withdrawal from your investment prior to retirement, subject to the applicable legislative requirements. The withdrawal will be subject to the relevant withdrawal tax tables applicable to retirement fund lump sums.

Tax-Free allowance

The Preservation Funds offer you the same significant tax benefits available through an occupational pension or provident fund:

At retirement from the Preservation Funds, the portion of the accumulated benefit transferred to a post-retirement pension product, such as a living annuity, is free of tax. The portion taken as cash may be taxed.
All taxable growth, including interest income, net rental income, dividend income and capital gains, is free of tax.

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.

Changing Jobs?

Saving for Retirement?

Changing jobs?

Retirement Annuity Maturing?

Already Retired?