Nedgroup Investments default annuity strategy
As of 1 March 2019, all retirement funds in South Africa (that are subject to the Pension Funds Act 24 of 1956) are required to implement a Default Annuity Strategy in terms of Section 39(1)(a) of the Act . The strategy can be made up of a traditional guaranteed (life) annuity, a living annuity or a combination of the two.
The proposed annuity needs to be appropriate and suitable for the specific classes of members who will elect them. Retiring members of the Nedgroup Investments Retirement Annuity, Pension and Provident Preservation Funds (“the Nedgroup Investments retirement funds”) will have the option to opt-in to the Default Annuity Strategy.
To find out more about this default annuity strategy and why we have chosen it, please download the addendum document.