Retirement annuity question

[dlc]

Hi everyone,

I have a RA with Liberty Life which is 4 months old and total amount less than R7000. I am unable to afford the payments anymore, should I request to have the policy made paid up and would that enable me to get all the funds?

Any advice appreciated.

 

[supersunbird]

Question:
Good day, I'd like to know if I would receive the cash amount that I was paying towards my retirement annuity once I cancel it? I started paying towards it from March 2014 (so app 6 months) and the amount together with my employees % is R 1904 p/m

Answer:
Dilona, Yes, if the paid-up value of your retirement annuity is less than R 7 000, then you can cancel it. But you may be subject to an early termination charge.

https://www.10x.co.za/faq/retiremen...cash-payout-if-i-cancel-my-retirement-annuity

 

[dlc]

https://www.10x.co.za/faq/retiremen...cash-payout-if-i-cancel-my-retirement-annuity

awesome, thanks for the link..

 

[xrapidx]

If its Liberty - its probably "contract" based - I'd get out ASAP - even if I loose the R7k, you're lucky its only four months.

 

[supersunbird]

awesome, thanks for the link..

Pleasure.

And next time you want to open one rather come read threads here, and ask on MyBB about RAs, many threads. Can start from as little as R500pm and totally flexible and cheaper than that Liberty policy, can stop and start contributions as you wish (don't even need to make it paid up).

 

[Thor]

Hi everyone,

I have a RA with Liberty Life which is 4 months old and total amount less than R7000. I am unable to afford the payments anymore, should I request to have the policy made paid up and would that enable me to get all the funds?

Any advice appreciated.

Later on when you are able to look at this again, consider spending some time looking at Sygnia and 10x both are "anti-high-fees"

 

[Hennie MB]

I contributed towards a Retirement annuity at one of the big Insurance companies, but stopped making payments about 25 years ago. I have lost all documentation with regards to this policy and have changed my address several times over this period. I am now nearing retirement age and I wonder if there is a way of finding out which company it was with and if it has any value.

 

[supersunbird]

I contributed towards a Retirement annuity at one of the big Insurance companies, but stopped making payments about 25 years ago. I have lost all documentation with regards to this policy and have changed my address several times over this period. I am now nearing retirement age and I wonder if there is a way of finding out which company it was with and if it has any value.

If you approach a financial advisor, many have access to systems that can identify what policies you have by using your ID number...