Question:
Is there any possible way that I can claim part of my retirement annuity? I can not afford it anymore and I have had the policy for such a long time, I just don't want to lose everything. Please will you let me know if there is anything I can do about this.
Answer:
Luna,
You do not lose your retirement annuity when you make it paid up (stop contributing), although you may incur an early termination "penalty". Your paid-up fund balance will remain invested and hopefully continue to grow. You can access your retirement annuity when you turn 55 (up to one-third as a cash lump sum).
The information and answers supplied in this section do not constitute advice as defined by the Financial Advisory and Intermediary Services Act, 37 of 2002.
