Business

How do the latest retirement reforms affect pension and provident funds?

From 1 March 2015, contributions to a provident fund (and returns thereon) will be treated in the same ways as pension fund contributions, ie the fund member must use that money to buy an annuity with at least two-thirds of the resulting balance. Provident fund balances at 1 March 2015 (and subsequent returns thereon) are excluded from this requirement, as are fund members who are 55 on 1 March 2015. If you are not 55 on that date, you will be affected, in that your contributions after 1 March 2015 (not your balance on that day) will be subject to annuitisation when you retire.

Join 50,000+ smart investors

Practical investing wisdom, straight to your inbox.

How can we 10X Your Future?

Begin your journey to a secure future with 10X Investments. Explore our range of retirement products designed to help you grow your wealth and achieve financial success.