Your countdown to retirement
Three years to retirement
Start thinking about your financial provision and seeking advice from a CFP about structuring your retirement benefit to meet your requirements and to avoid unnecessary taxation.
Six months to retirement
You should speak to the Fund and insurers about obtaining quotes on the annuity/annuities you consider investing in, and discuss your options with a CFP. In deciding whether you want to buy your pension from the Fund or an insurer, ensure that quotes from insurers are based on the same criteria as those applied by the Fund so that you can compare like with like.
Three months to retirement
You should notify the Fund (via your HR Department) of your approaching retirement, and request a quote from the Fund on your available retirement options. Please note that the quotes are subject to change, and you will have to get revised quotes closer to your actual date of retirement.
Six weeks to retirement
You should ensure that your Employer has forwarded your retirement documents to the Fund, the Fund has your tax registration number, and you either select the type of annuity (or combination of annuities) that best suits your needs (if you are retiring immediately); or notify the Fund that you wish to defer your retirement (if you are not retiring immediately).
One month to retirement
If you are not planning to defer your retirement, you should by now have requested your final quote and have arranged for the purchase of your annuity, and have completed and signed the application form for your preferred annuity, plus any relevant documentation required by the Fund. Your HR department will advise you accordingly at the time. Only original documentation and certified copies (ID, marriage etc.) will be accepted.
Retirement – your big day
Within the next month, you should receive your cash lump sum, if you have selected one (subject to the required tax clearance being obtained from SARS), and first pension payment from the annuity/annuities you have selected, provided all the required information and documents have been given to the Fund.
Your options on retirement
The overview document below offers a summary of your options on retirement. The member guide offers more detailed information.
How can we help?
If you have specific questions about your retirement, click the button below, complete the contact details, and one of the Fund benefit consultants will contact you.