Question:
What happens to my retirement annuity in case of divorce and how the early termination charge is calculated and why are we not allowed to know how much money we have in the fund
Answer:
Lebo,
The retirement annuity is split according to the divorce decree. The decree will stipulate your share of the pension interest, which is defined. In respect of a retirement annuity fund, as he total amount of the member’s contribution to the fund up to the date of the divorce, together with a total amount of annual simple interest (at the official prescribed rate), provided that this does not exceed the fund return. You are allowed to see the money in your retirement annuity (if you are the member) - simply refer to your benefit statement. The early termination charge is calculated per your specific Terms & Conditions which we do not have access to - our (10X) retirement annuities do not have these charges.
