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Increase Retirement Annuity Contribution

frequently asked questions

Increase Retirement Annuity Contribution

Will it be possible to increase my existing retirement annuity? What is the minimum requirements to increase my retirement annuity? Is it the best option to increase my existing retirement annuity? How many retirement annuities can you take out?

Will it be possible to increase my existing retirement annuity?

Whether you will be able to increase your existing retirement annuity contribution should be the first question you ask! The Retirement Annuity fund rules will determine whether you will be allowed to increase your retirement annuity. Even if the fund rules allows the increase, you are still bound by certain minimum requirements and you will still be in doubt whether there aren’t better options available to you!

What is the minimum requirements to increase my retirement annuity?

If the fund rules allows an increase of your existing retirement annuity, there are normally certain minimum requirement that the underwriting company sets that must be met to increase or add a lump sum to your existing retirement annuity. Because last mentioned requirements are different at the different providers, each case must be handled individually. By completing the request to increase your existing retirement annuity, RA Direct will have enough information to advise you about the requirements applicable to your retirement annuity.

Is it the best option to increase my existing retirement annuity?

Depending on the existing retirement annuity product you have, there could be better options available! If your existing product is of the ‘older generation’ retirement annuity products, it could be more ‘expensive’ to increase your existing retirement annuity product compared to applying for a new generation retirement annuity product. New generation retirement annuities normally have a much cheaper cost structure compared to the older generation retirement annuities with a resulting increase in your potential return! However, there is no clear cut answer to this question, and RA Direct will advise that you contact your financial planner or that you complete the request on this webpage which will assist us to advise you appropriately. 

How many retirement annuities can you take out?

You can invest in as many retirement annuities as you wish, but the tax benefit is determined in aggregate, not in respect of each individual retirement annuity. The tax relief on contributions is limited to the tax deduction formula, and the tax-free lump sum portion may be claimed to the maximum available.
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Accredited by Sanlam, Liberty, Momentum, AIMS, Glacier, Clientèle.