Retirement Savings

From 2013, you can set up a retirement savings scheme. The funds are typically disbursed as a lump sum for you to spend whenever you want.  That means that you get a large amount once instead of regular, smaller amounts. But you can also opt for several, smaller disbursements – and you can choose to continue to pay into the scheme while receiving the disbursements.

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Your retirement savings can be disbursed as a lump sum or as several, smaller amounts. This allows you to choose how you want to use your savings and gives you the possibility of investing in more expensive things.
Advantages of retirement savings:

  • Your savings can be disbursed from the day your reach retirement age and 15 years on.
  • You can continue to make contributions even though funds have been disbursed to you. 
  • The return on your savings is taxed at currently just 15.3% per annum.
  • You do not pay any tax or duty on disbursements, as contributions are not tax-deductible  .
  • The funds in your retirement savings account are not offset against your state retirement pension.

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