Retiree Life Annuity
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Retiree Life Annuity
Custodian Retiree Life Annuity Plan is a series of regular monthly or quarterly payments made to a retiree (called an Annuitant) for the rest of his life upon payment of the purchase amount which is usually paid once. The Purchase Money is the premium paid for an annuity and in the case of the Retiree Life Annuity, the balance in the retiree’s RSA is used for this payment.
On retirement, the policy pays a lump sum amount to the retiree provided that the balance in the RSA after such payment will provide an annuity of not less than 50% of the retiree’s last annual remuneration.
- Income is payable for life
- Retiree Life Annuity payment guaranteed for 10 years and thereafter for life
- Regular payment is by standing order and on an online, real times basis
- Retirees no longer worry about out-living their income
- Longevity risk
- Provision of income for dependant
- Investment risk is passed to the life office
- Tax incentives
- Commencement date of Policy is dependent on the receipt date.
- Annuity payment date commences at the end
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