Legacy retirement annuities (RAs) are retirement annuities that were issued before 2005. These older RAs often come with certain restrictions and penalties that can hinder investment growth and flexibility. Investors were "forced" to remain invested in these products because of the high penalties imposed.
The good news: reduced penalties and enhanced flexibility. A significant change in South Africa's retirement landscape has opened up new possibilities for investors with legacy RAs.
These amendments have resulted in a decrease in penalties associated with premature transfers-outs or discontinuation of regular contributions.
This story is from the November 11, 2024 edition of The Citizen.
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This story is from the November 11, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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