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FNB Preservation Funds

Protect your retirement savings when changing jobs so you can retire comfortably with the money you have worked so hard to save up. Get 1% back in eBucks when you switch your retirement savings.

How spending affects
your retirement

 
You may be tempted to cash in your pension and provident funds, but it's more prudent to take a long-term approach as you could land up with a large tax bill with no provision for retirement.
 
>What you need to know

Why you need this plan

 

Preserve Retirement Funds

Grow your retirement savings by preserving your pension and provident funds on resignation, dismissal, or retrenchment.

No interruptions

Your retirement savings are not interrupted as it preserves all your contributions to date and your investment growth is tax-free.

Safely increase your savings

Grow your retirement savings safely as you progress through your career and change jobs and retirement funds.

Avoid paying additional tax

If you cash in your pension and provident fund, you could pay tax of up to 36%, depending on the amount withdrawn.

Nominate beneficiaries

Select who will receive the money in the FNB Preservation Fund in the event of your death, subject to the Pension Funds Act and trustees.

Transfer savings with ease

You can transfer your retirement savings into an FNB Living Annuity or FNB Lifetime Income Plan to provide you with a regular income when you retire.

Investing made easy

FNB Preservation Funds

 
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Qualifying criteria

  • R50 000 minimum investment
  • Transfer from an existing preservation fund to an FNB Preservation Fund
  • Transfer from an employer fund upon resignation to an FNB Preservation Fund
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What you need to know

  • The FNB Pension and Provident Preservation Funds has a minimum lump sum investment of R50 000.
  • You can withdraw a portion of it once before age 55, but you'll pay tax. Also in special circumstances, for example, if you emigrate or become disabled.
  • Income earned from distributions on your funds is automatically reinvested.
  • You can change your nominated beneficiary, at any time.
  • You will pay no income tax or capital gains tax on the growth of your investment.
  • Legislation does not allow you to cancel this product. However, you can transfer your investment to another registered fund in terms of Section 14 of the Pension Funds Act 24 of 1956.