FutureChoice Retirement Annuity Plan

futurechoice-retirement-annuity-plan

Save tax efficiently for a comfortable retirement

Metropolitan’s FutureChoice Retirement Annuity allows you to save tax-efficiently towards a comfortable retirement. A retirement annuity is an investment in which you make regular contributions so that you may be financially secure during retirement.

The FutureChoice Retirement Annuity is a great way to boost your existing pension or provident fund or as a personal pension plan to build a retirement nest egg.


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




Who can take out the plan?


The FutureChoice Retirement Annuity is best 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.


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 a month.


What are the benefits and features?


Benefits included

Tax benefits
You may qualify for tax deductions on your contributions (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 FutureChoice Retirement Annuity Plan is invested in.


Optional benefits

Premium waiver on disability
If you become disabled, Metropolitan will pay your monthly contributions until the end of your term.

Automatic Inflation Management (AIM)
This benefit helps your retirement savings to keep up with the rising cost of living (inflation). You can choose to increase your contribution each year by a fixed percentage.


What are the rules?


Entry age
Anyone between the ages of 17 and 94 years old 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 or more.

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 contributions paid, less the loss of value due to market movement.

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.

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 a 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 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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