A Personal Pension Plan is about making the most of your retirement future. It is essentially a tax deductible investment vehicle that that allows for the tax-free accumulation of a fund for later use as an income on retirement. The money contributed by the contact holder is invested and the fund accumulates with interest.
The amount of pension when you retire is dependent upon the following:
The amount of regular or single contributions.
Performance of the investment funds.
The annuity rate – the factor used to convert the accumulated pension fund into an annuity - at the date of retirement.
Currently, the entry age is 18 years and the minimum retirement age is 55 years. When you retire, you can opt to take a lumpsum or part lumpsum, and the balance used to buy a life annuity.
If you die, your residual fund can be allocated to provide a survivor pension for your surviving dependants.
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