Ultimate Retirement Option

ultimate-retirement-option


Control your retirement income

The Ultimate Retirement Option (URO) is known as a living annuity or variable annuity. It is a medium to high risk annuity where your retirement savings are invested to potentially grow over time, but your income is not fixed or guaranteed. It offers the flexibility for you to control your post-retirement income.


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




Who can take out the plan?


The Ultimate Retirement Option is suited to individuals looking for the flexibility to control their income during retirement while their retirement savings remain invested to potentially grow over time. You need to fully understand the risk in taking a living annuity, such as the Ultimate Retirement Option.


How much will it cost?


The amount of money that you can afford to invest in a living annuity is called your contribution. The contribution for Ultimate Retirement Option starts at R250 000.


Where is my money invested?


The Ultimate Retirement Option’s underlying investment is the Metropolitan

Smooth Bonus Fund.


What are the benefits and features?


Flexibility of managing your own income level
You may select to receive a percentage of between 2.5% and 17.5% per year of your existing investment fund.

Transfer between living annuities
You can transfer the Ultimate Retirement Option to a living annuity of another insurer, provided that the other insurer is willing to accept the transfer.

Option to convert your annuity
You can convert the Ultimate Retirement Option to a conventional annuity at any time, subject to certain.


What are the rules?


Entry age
The Ultimate Retirement Option is available to anyone between the ages of 55 and 80 years old.

Income payments
You can choose to receive your income from the annuity monthly, quarterly, half-yearly or yearly.

Cessions
The plan cannot be ceded.

Loans
You cannot make a loan on your plan.

When the plan ends
The Ultimate Retirement Option is a compulsory annuity and therefore, you cannot cancel it.

Death
The plan will end when you pass away. Your beneficiaries can claim the remaining investment fund value as a single payout or they may choose continue receiving the income payments under the Ultimate Retirement Option or a conventional annuity. If there are no beneficiaries, the investment fund value will be paid to the deceased's estate.

 

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