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.