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Glacier's retirement solutions enable you to grow your money to enjoy a comfortable and care-free retirement.
The retirement annuity and preservation funds available through Glacier enable you to invest your savings in a portfolio that matches your risk profile.
Benefits of a retirement annuity
Our retirement annuity is suited to individuals wanting to benefit from the tax deductibility of their contributions, who wish to have control of the underlying investment options and don't require an investment guarantee.
Our retirement annuity can either serve as your primary retirement savings solution, or as a supplement to your retirement savings in your employer's pension/provident fund.
You can invest a lump sum - with or without recurring investments - and ad hoc amounts at any time. You may suspend contributions for a time period, if required, without incurring penalties. Contributions are tax-deductible up to the limits set by legislation, so you can invest at a discount equal to your marginal tax rate.
We offer a wide choice of collective investment funds together with other underlying investment options. Our Private Securities Option allows you to include a direct share portfolio. You may switch between these underlying funds easily and cost effectively, at any point during the investment term. In addition, there is no administration cost to transfer your investment to a Glacier investment-linked life annuity on retirement.
The term of the retirement annuity lasts until retirement, between ages 55 and 70, giving you the freedom to decide on a retirement age to suit your personal circumstances.
At retirement you can take up to a third of your savings as a lump sum. The tax-free portion of any lump sum will be determined according to the relevant provisions of the Second Schedule to the Income Tax Act. The remainder must be used to purchase a life annuity.
Preservation Funds
The Preservation Pension Fund and Preservation Provident Fund are suited to individuals who already have retirement savings from their previous employer's retirement fund and who wish to preserve these savings on changing their employer.
Before reaching retirement, whenever you withdraw from an employer's approved pension or provident fund, you can transfer your withdrawal benefit into our Preservation Pension Fund or Preservation Provident Fund on a tax neutral basis, subject to regulatory requirements. This will allow you to preserve and grow your capital until retirement, while enjoying the tax advantages of these funds.
For more information on Glacier's retirement solutions:
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