Question:
Good day. I am self employed and would like to join a pension fund for my self as I currently have nothing accepting a funeral fund. Kindly advise as to what procedures are
Answer:
Grant, As you are self-employed, you cannot start a "pension fund" for yourself, as that is a group scheme for employees. What you can do is take out a retirement annuity, which is a retirement fund for individuals.
For 10X, you would simply fill in an RA application form, and submit this with the required supporting documentation. Other providers may ask you to apply via a broker. The minimum contribution is R1 000 per month. Our maximum fee is 0,9% pa (plus VAT) for investment balances less than R1m. Amounts above R1m attract a lower fee. There is no other fee. 10X does not levy a surrender charge when you make your retirement annuity paid-up, or transfer it, or change your contribution. With an retirement annuity , you cannot access your money before age 55. When you do, you must use at least two-thirds to buy an annuity. Contributions are tax deductible up to 15% of your income (possibly increasing to 27,5% from 1 March 2016).
Please visit this page for answers to some FAQs. This is how we invest your money. To talk to a consultant, please contact Allan at 021 412 1010.
