Saving for Retirement

Grow your money for a comfortable, carefree retirement with Glacier's retirement solutions. Our retirement annuity and preservation funds enable you to invest your savings in a portfolio that matches your risk profile.

 

Benefits of a retirement annuity

If you want to benefit from your contributions' tax deductibility, have control of the underlying investment options and don't require an investment guarantee, Glacier's retirement annuity is just right for you. It can be your primary retirement savings solution, or supplement your retirement savings in your employer's pension/provident fund.

We offer you a wide choice of collective investment funds with other underlying investment options. You can switch between these underlying funds easily and cost effectively at any point during your investment term. In addition, on retirement, you pay no administration fees to transfer your investment to an investment-linked Glacier life annuity. Our Private Securities Option allows you to include a direct share portfolio.

Invest a lump sum - with or without recurring investments - and ad hoc amounts at any time. You can suspend contributions for a time period, if required, without incurring penalties. Your contributions are tax-deductible up to the legal limits, so you can invest at a discount equal to your marginal tax rate.

The term of the retirement annuity lasts until retirement - at any time after the age of 55. Depending on your personal circumstances, you have the freedom to decide your retirement age. When you retire, you can take up to a third of your savings as a lump sum. The tax-free portion of any lump sum will be determined according to the relevant provisions of the Income Tax Act. The remainder of your savings must be used to purchase a life annuity. 

Preservation Funds

If you already have retirement savings from your previous employer's retirement fund, and you want to invest these when changing jobs, make use of our Preservation Pension Fund or Preservation Provident Fund.

Before you retire, whenever you withdraw from an employer's approved pension or provident fund, you can transfer your withdrawal benefit into our Preservation Pension Fund or Preservation Provident Fund on a tax-neutral basis, subject to regulatory requirements. This way, you can preserve and grow your capital until retirement, while you benefit from these funds' tax advantages.