When is the benefit available?
Withdrawal (before retirement)
The Allan Gray Preservation Funds allow for a single partial or full withdrawal of the member's value in the Fund prior to retirement, provided there are no restrictions in place from the transferring fund and subject to the requirements of legislation and the regulatory authorities.
Retirement (after age 55) or Permanent disability prior to retirement (this must be approved by the trustees)
The Allan Gray Pension Preservation Fund:
A maximum of one-third of the member's value can be taken as cash. The remainder of the benefit must be used to purchase a pension-providing vehicle such as the Allan Gray Living Annuity. If the value is equal to or below R75 000 across all the Allan Gray Pension Preservation Fund investment accounts, the entire value can be taken as cash.
The Allan Gray Provident Preservation Fund:
The total of the member's value can be taken as cash. If only part is taken in cash, the remainder of the benefit must be used to purchase a pension-providing vehicle such as the Allan Gray Living Annuity.
Death prior to retirement
When a member dies, the dependants/nominees can choose to receive the death benefit as an annuity or a lump sum payment. If no dependants are found and no beneficiaries were nominated the death benefit will be paid to the deceased member's estate as a lump sum.