Saving for retirement is something that one cannot afford to go without. With the rising cost of living, being able to have enough money to sustain you throughout your retirement years is important. This is why it can be helpful to have a pension or provident fund.
A provident fund is a fund created by the employer, in which a certain percentage of the amount is contributed every month by both employer and employee.
This fund is more suitable for lower income earners who do not benefit from tax deduction as their income is below the tax threshold. A provident fund offers more flexibility on retirement.
Upon retirement, a person can withdraw the entire amount should they choose to.
Momentum, a financial services provider that was established in 1966, strives to offer superior financial services. The institution offers a broad range of advice, insurance, investments and health offerings. FundsAtWork from Momentum administers the Momentum Provident Fund.
With this service from FundsAtWork, retirement and preservation product options are designed to facilitate income continuation for when you reach retirement.
Momentum encourages clients to preserve their retirement savings when they leave their current employment.
By choosing a Momentum Provident Fund you can be assured of getting relevant, regular communication from the company.
Should you want to withdraw your funds, you should first make sure that your tax affairs are in order. With the Momentum Provident Fund, the entire benefit may be taken in cash, or alternatively can be applied in whole or part to purchase a compulsory annuity.
You’ll have to submit the required documents, such as your ID copy, completed instruction form stating where the money should go, as well as proof of banking details.
Momentum operates with a value-system based on transparency, flexibility, value for money and ease of use.