Living annuity restrictions to be lifted to ease cash flow
The proposed relief measure will assist pensioners battling to deal with Covid-19
23 April 2020 - 14:29
The National Treasury is proposing a change to the law governing living annuities to help retired people experiencing cash-flow problems due to the Covid-19 pandemic.
Now, those with a living annuity are only entitled to change their withdrawal rate once a year on the anniversary date of the policy and are limited to withdrawals at the lowest limit of 2.5% of the capital amount and at an upper limit of 17.5%...
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