Economic research and stats show that sixty percent of pensioners in South Africa do not have enough to live on and that figure is getting worse.It is estimated that more and more will cut back on living expenses and 31 percent have to carry on working beyond retirement age. Stats further show that nine out of 10 South Africans who belong to a retirement fund will not have enough to retire on. Absa bank has committed itself to making a difference in this regard through its retirement funds product bouquet.
Absa retirement funds offers you custom solutions, off the shelf solutions, umbrella retirement funds and the small business provident fund. Custom solutions will help you register with the financial services board, get tax approval from the South African Revenue Service, draft the retirement fund rules and apply for time extensions on document submissions.
Umbrella retirement funds cater for different employers, from individuals wanting retirement and risk cover for a domestic worker, to small companies who want to belong to an umbrella fund with a more structured approach, and to big scale employers looking for flexibility, choice and online access to information.This fund has strong fund governance and impartial management by a board of trustees with independent representatives and members have a range of flexible investment portfolio options.This facility offers a range of benefits including optional disability, death and funeral benefits via any underwriter and special rules per employer.
The Absa small business provident fund is aimed at small,micro and medium businesses with a minimum of one employee required to participate in the fund including home employees.The fund is structured as a provident fund and is an easy to understand solution with different plans according to fixed contribution levels. It has different plans offering benefits on retirement, withdrawal, disability, death and funeral cover.
Absa retirement funds can be accessed on 0118463500.