Preservation Fund

Money transferred from a provident fund to a preservation pension - or provident fund, or from a pension fund to preservation pension fund, is currently tax-free. A preservation fund is protected against creditors, which provides protection in the event of insolvency. Any of the following compulsory annuities can be taken at retirement: A conventional life annuity, with or without capital protection A linked annuity, which is more risky as a client has to choose underlying investment funds and percentage income A composite life annuity, which is a combination of a conventional life annuity and a linked annuity. The full benefit amount payable at death may be paid as a lump sum, or it can be used to provide regular Income payments. The lump sum and income are subject to income tax, but exempt from estate duty. Depending on the transfer conditions the full withdrawal benefit amount, or part of it, may be withdrawn as a lump sum from the FUND once.
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Preservation Fund

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