Saving for retirement?

How much should I save per month for retirement?

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.

Retirement annuity fund

For saving and investing your pre-tax income so you can enjoy financial security after retirement – and contributions (up to a legislated limit) are tax deductible.

“This is the definition of hands-free, hassle-free investing. And the low fees are incredibly important when investing over the long term.”

Ideal investor

A retirement annuity is suitable for you if you:

are self-employed and do not belong to a pension or provident fund.
receive a salary and wish to make additional provision for your retirement years.
wish to reduce your tax liability.
seek to invest in a flexible retirement savings vehicle.
wish to make lump sum investments and/or recurring contributions to a retirement fund.

Features of a retirement annuity

Advantages

Contributions can be adjusted to your changing needs at no cost.
No fixed monthly premiums or set terms.
Contributions are tax deductible up to a legislated limit.
All growth is tax free.
There is no fixed monthly premium and there is no set term. It’s your investment, so you decide how to invest – lump sum, debit order or both. Your contributions can be adjusted as your needs change at no extra cost.
You may switch between investment funds available on the investment platform at any time and at no cost.

Limitations

You may not cede your investment in the Retirement Annuity Fund, nor use it as security for any debts or commitments.
You may not borrow from your investments in the Retirement Annuity fund.
All investments into retirement funds are regulated by Regulation 28 of the Pension Funds Act, which limits the maximum exposure of your portfolio to various asset classes. To ensure that your retirement product(s) remain compliant, your underlying investments can have a maximum of 75% in equities, 45% in foreign assets and 25% in property. Explore our Reg 28 compliant funds
No withdrawals are permitted from the fund before the age of 55 unless:
- You formally emigrate;
  You depart from the Republic at the expiry of a visa obtained for the purposes of working in or visiting the
- Republic, and you are not regarded as a resident by the South African Reserve Bank for purposes of exchange control; or
- The accumulated value of your investment is less than or equal to R15 000.

Tax-Free allowance

Your contributions to a Retirement Annuity fund, are tax deductible up to a legislated limit, so you may be taxed on a lower taxable-income amount.

All growth, including interest income, net rental income, dividend income and capital growth, is tax-free.

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.

Saving for retirement?

Saving for Retirement?

Changing jobs?

Retirement Annuity Maturing?

Already Retired?