The Prescient Living Annuity is a policy that provides you with an income after retirement. You are able to retire from an occupational or umbrella retirement fund, a retirement annuity fund or a preservation fund into a living annuity if the rules of the relevant fund allows for it.
What is it?
You are able to choose the amount of income that you would like to receive on an annual basis. You can also select the frequency with which the income is paid. The income must be between 2.5% and 17.5% of your retirement capital at the start of the year. The income is not guaranteed to last for life and it is important to manage your drawdown rates accordingly.
What income do I recieve?