The Prescient Living Annuity provides you with an income in 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.
What income do I get?
You are able to choose the amount of income that you would like to receive on an annual basis. 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 about tax?
You will be taxed on the income from your living annuity according to the PAYE tax tables.
What are my options?
You are able to pick from a range of investment options managed by Prescient Investment Management. You are able to switch between these investment options at any point without cost.
What about transfers?
You may transfer your existing living annuity to the Prescient Living Annuity and there will be no penalties should you wish to transfer from Prescient to another provider.
What about converting?
You are able to convert your living annuity into a guaranteed life annuity (with another provider) at any time.