You should definitely consider the cheaper pensions that your retirement fund can secure for you but also take care not to make your choices without proper financial advice that takes into account all your savings and your circumstance, as many retirement decisions are irrevocable, the South African Independent Financial Advisers Association warns. At a recent SAIFAA seminar, Derek Smorenburg, the founder of the independent adviser association, said when you consider an default annuity option offered by your retirement fund it is in your best interests to engage an independent financial adviser to ensure that you get comprehensive holistic and ongoing analysis and advice that takes into account all your assets and liabilities, and not just the amount that you have saved in your retirement fund. Regulations under the Pensions Funds Act oblige funds from March next year to provide you with an annuity chosen by your trustees as the default pension. These same regulations also oblige fu...

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