Question:
Can I sell my retirement annuity policy as I desperately need the money?
Answer:
Samantha,
Unfortunately, that is not possible. The proceeds of a retirement annuity must be paid to the member who paid the contributions (received the tax deduction); or, on the member’s death, his/her dependents and/or nominated beneficiaries.
S37A of the Pension Funds Act states that no benefit "shall be capable of being reduced, transferred or otherwise ceded, or of being pledged or hypothecated, or be liable to be attached or subjected to any form of execution under a judgement or order of of a court of law."
In other words, the law makes it very difficult for anyone to access your retirement money early (including yourself). The earliest you can access your money is at age 55 (unless you emigrate or suffer a disability).
