Save for retirement in a simple and tax-efficient manner. Invest in a retirement annuity as an alternative to, or in addition to, saving via an employer pension or provident fund.
R50 000 (Lump-sum investment)
|Initial Administration Fee||No Fee|
|Initial Management Fee|
|Financial Advisor Initial Fee||A maximum fee of 3% excluding VAT|
|Financial Advisor Annual Fee||
A maximum fee of 1% excluding VAT
Annual Administration Fee
A fee is charged on the value of your Investment Account as follow
Annual Admin Fee if fully invested in 3rd Party Manager Funds – Weighted Fee (Excl. VAT)
Annual Admin Fee if fully invested in Hollard Prime Unit Trust Funds – Flat Fee (Excl. VAT)*
|From R0.0 to R1 million||0,45%||0,25%|
|Next R500 000||0,4%|
|Next R500 000||0,35%|
*Should the Investor not be fully invested in Hollard Prime Unit Trust Funds within the Investment Account, the annual administration fee will be calculated proportionally using the two fee scales provided in the table above for the respective portfolios.
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The Hollard Retirement Annuity Plan provides a tax-efficient method for you to save for retirement as an alternative or in addition to saving via an employer pension or provident fund.
You may contribute to your investment via both lump sum investments and a recurring debit order. You can invest a once-off contribution at any time, and may start, stop or amend a monthly debit order investment at any time. You may also invest the following retirement fund benefits into the product, subject to the product rules and relevant legislation:
The minimum initial amount required to open an Investment Account is R50 000. The minimum recurring monthly debit order amount is R500.
When you open your investment account you can select from a range of Investment Portfolios options. You may select any one or a combination of the Investment Portfolios offered and may switch between funds at your discretion. It is important for you to monitor and review your investment portfolio selection on a regular basis, in order that your investment continues to meet your financial needs.
To protect a member’s retirement benefit, the Pension Funds Act contains guidelines which regulate the extent to which a member may invest in certain asset classes. Hollard is required to ensure that each member’s investment complies with these asset exposure limits, which broadly speaking are as follows:
Each Investment Portfolio offered to investors in the Hollard Retirement Annuity Plan complies with the Regulation 28 limits.
No, the right to benefits may not be ceded or pledged.
No, due to the nature of the product, you may not cancel your membership and no cooling-off period applies. You may transfer your investment to another approved Retirement Annuity Fund.
No, the product does not provide a guarantee on the value of your investment account nor does it guarantee the performance of the investment. The market value of the investment may fluctuate and go down as well as up, and past performance is not necessarily a guide to the future. The investor carries the investment and market risk which includes the possibility of losing capital.
Yes, additional contributions can be added to the investment at any time. You may also invest via a recurring monthly debit order, which you may start, stop or amend at any time with no penalties.
You are only entitled to withdraw your full benefit prior to retirement in the following instances, subject to legislative requirements and the Rules:
You may request to retire from the Fund once you have reached the age of 55. You may request an early retirement in the event of permanent disability due or ill-health. Early retirement requests are granted at the sole discretion of the Trustees of the Fund.
A maximum of one-third of your retirement benefit may be withdrawn in cash. Tax will be deducted from the withdrawal benefit before it is paid out according to a tax directive issued by SARS. The portion of the benefit which is not cashed out, at a minimum two-thirds of the benefit value, must be used to purchase a compulsory annuity from a registered long-term insurer. If the retirement benefit on the date of retirement is R247 500 or less then you may withdraw the entire benefit in cash.
Your Retirement Annuity investment does not form part of your estate and will not be governed by your last will and testament. In accordance with Section 37 of the Pension Funds Act, the Trustees of the Retirement Annuity Fund have full discretion to award death benefits as they feel appropriate. Dependents will be given preference when allocating the Benefit in accordance with legislation, after which nominated beneficiaries and your estate will be considered. The benefit due to the death of the investor is the value of the investment at the time of processing the death claim, less any fees and charges. Each party who has been awarded a portion of the death benefit will receive it in one of the following ways:
It is recommended that you appoint a financial advisor to assist you. The Fund, Hollard Life in their capacity as the Administrator and the Manager do not provide financial advice, and may only supply the investor with factual or administrative information relating to the investment products and portfolios.