I have 2 sanlam retirement annuities (ra's). They are 7 and 8 years old respectively and have combined value of R100 000 give or take.
I have decided to invest in income producing property and have come to the point where I want cancel or make paid up the ra's.
Now, my question relates to whether or not cancelling the ra's will attracy huge penalties because I vaguely remeber seeing something about a financial ombudsman on carte blanche and how he forced one of the large fsp's to pay out everything which had already been invested in the ra.
Any help? w