The Allan Gray Group Retirement Annuity
The Allan Gray Group Retirement Annuity system is an efficient retirement savings solution for you and your employees.
Individual unit trust-based retirement annuities are managed on a group basis, with minimal administration requirements for you, while your employees get all the benefits of having their own retirement annuity, including tax advantages, control of their investment choices, flexibility and portability.
Reasons a group retirement annuity may not be suitable for your business
- Employees cannot take their full benefit in cash when they retire after 55. Employees can only take one-third in cash. The rest must be used to purchase an investment product that will provide a retirement income. This contrasts to some traditional arrangements where members can take the full benefit as cash.
- Employees cannot take a full or partial withdrawal when they leave their employer. This is different to traditional arrangements and may mean no access to cash at a time when some cash may be useful to the individual
Please contact our Group Savings Operations Team to assist you with the next steps of how to set up the Group Retirement Annuity System.
Tel: 0860 000 870
Fax: 0860 000 655 / +27 (0)21 415 2492