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Investec iSelect Retirement Annuity
The Investec Retirement Annuity provides a tax-efficient way to save for retirement. Retirement Annuities are used most often by people who do not belong to an employer’s retirement fund. However, many people use them also for additional retirement savings in respect of additional (“non-RF”) income like bonuses and rent received.
The Investec Retirement Annuity contributions are tax deductible within certain limits and ideal for individuals who are:
- Not yet retired and would like to save for retirement using voluntary monies
- Self employed or are already contributing to an employer's retirement fund and would like to make additional savings for retirement
- Transferring compulsory retirement savings from their employer's retirement fund
- Transferring retirement savings from another retirement annuity to the Investec iSelect Retirement Annuity
| Investment Details | |
| Minimum investment | R50,000 lump sum with R10,000 ad hoc additions, or R1,000 per month debit order (R500 per month for iSelect). Investments are tax deductible up to regulated maximums. |
| Withdrawal benefits | Before retirement, may be transferred to any other suitable retirement annuity fund. |
| Retirement benefit | From age 55, up to a 1/3rd lump sum, partially subject to tax, with the balance available for the purchase of a suitable annuity. |
| Death benefit | Similar to the retirement benefit with various regulated maximums. |
| Negotiability | May not be ceded, pledged or negotiated. |
Accessing the investment
Investors may retire from their investment from the age of 55. At retirement a maximum of one third can be paid out to an investor as a lump sum. The remaining two thirds must be used to purchase an annuity. Alternatively, the entire amount may be used to purchase an annuity.
Read more about the Investec iSelect Retirement Annuity Fund
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