Normal retirement age is 63 years. Your retirement date is the last day of the month in which you have your 63rd birthday. Early retirement can be taken from age 53 onwards, provided that you have obtained the consent of your employer to retire early.

• You can take up to a third of your Fund Credit as a cash lump sum.
• You must use the balance (after the cash lump sum) to purchase an annuity from an insurer of your choice.
• Any cash lump sum will be taxable, although the first R315 000 will be tax-free. The balance will be transferred to the insurer of your choice tax-free, to fund your future pension income payments, which will be taxed.

• Securing the correct annuity is a big decision and we recommend that you obtain professional advice from Alexander Forbes, free of charge, within 12 months prior to your actual date of retirement. Contact the Alexander Forbes Advice Centre on 0860 100 983, or contact a reputable financial planning adviser of your own choice.