FutureBuilder Pension Plan

FutureBuilder-Pension-Plan

Save towards a comfortable retirement

Metropolitan’s FutureBuilder Pension Plan allows you to save tax efficiently towards a comfortable retirement. The FutureBuilder Pension Plan is a retirement annuity. A retirement annuity is an investment in which you make regular contributions so that you may be financially secure during retirement.

For more information, call the Metropolitan Call Centre on 0860 724 724.




Who can take out the plan?


The FutureBuilder Pension Plan is suited to individuals who would like to boost their current pension or provident fund retirement savings. The plan is also valuable to those who want to build up a retirement nest egg over time and do not belong to an employer’s pension or provident fund, such as contract workers, entrepreneurs, small business owners, etc.

You will become a member of the Metropolitan Retirement Fund if you contribute to the FutureBuilder Pension Plan. Membership of the fund is limited to you only.


Who can take out the plan?


The amount of money you can afford to save each month towards your retirement is called a contribution. Your monthly contribution starts from R250 or single premium from R50 000. You can also make a single payment in addition to your regular monthly contribution.


What are the benefits and features?


Benefits included

Tax benefits
You may deduct your contributions from the taxable amount and will reduce the tax you need to pay (tax laws and certain limits apply).

Retirement savings is safe from creditors
Creditors are not allowed to access your retirement annuity savings to cover your unpaid debt.

Personal pension plan
Your retirement annuity is your individual plan and is not related to your employer. This means that your retirement savings will not have to be transferred to another retirement fund when you change jobs.

Allows transfer of funds
You can transfer funds between another retirement fund and the retirement fund that the Metropolitan FutureBuilder Pension Plan is invested in. You will enjoy several benefits as the member of a Metropolitan FutureBuilder Pension.

A disciplined savings approach
Your benefits may only be taken when you turn 55-years-old, unless you are unable to perform your job due to disability or illness.


Optional benefits

Premium waiver on disability
You can add this benefit to protect your savings from certain life events. If you become disabled and the disability affects your ability to do your work, Metropolitan will pay your savings contributions until the end of the savings term.

Automatic Inflation Management (AIM)
This benefit helps your retirement savings to keep up with the rising cost of living (inflation). Your contribution will increase each year by a fixed percentage. You have the option to skip this increase yearly.


What are the rules?


Entry age
Anyone between the ages of 1 and 93 years old (monthly contribution) or 95 years old (single contribution) can apply for a retirement annuity.

Term
The time period that you choose to save for is called a term. You can choose a term of 10 years if you are older than 56. If you are younger than 56, the term must go to minimum age 56 and maximum age 66, with a minimum of 10 years.

Cooling off period
You have the right to cancel the plan within 30 days of receipt of the membership certificate. You will receive a refund of any premiums paid less the cost of any cover enjoyed before you cancelled the plan.

Cessions
The plan cannot be ceded.

Loans and withdrawals
The plan does not have a loan value and no cash withdrawals are allowed on your funds. If the value of your funds in the Metropolitan Retirement Annuity Fund is less than R7000, you can withdraw all you funds. An early termination charge will apply.

When the plan ends

Early retirement - You are allowed to retire from the fund after your 55th birthday. If you retire before the retirement annuity has reached the end of the term, you will be charged an early termination fee.

Early retirement due to disability – You can claim your retirement benefits if you are permanently disabled before you reach retirement.

Retirement – You are allowed to withdraw up to one third of the funds in your retirement annuity in cash when you retire from the retirement fund. The balance of your funds must be used to buy an income during retirement (an annuity).

You will be allowed to withdraw your full retirement savings in cash if it is R75 000 or less.

Death - The plan will end when you pass away before you reach retirement. The value of the retirement savings at that point will be calculated according to the rules set out in the Membership Certificate.

 

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