1. The retirement age in South Africa is:

Not defined

60 for women and 65 for men

60 for every one

65 for every one

2. Which is correct: At retirement you are entitled to withdraw tax free from your savings:

R247 500 less any lump sums taken on resignation or retirement before

R500 000 less any lump sums taken on resignation or retirement before

R25 000 less any lump sums taken on resignation or retirement before

27.5% of your savings

3. Which is correct? A guaranteed annuity:

Pays you an income for a guaranteed period only

Pays you an income with guaranteed increases for life

Pays you a guaranteed income for life with or without annual depending on you choice

Allows you to draw an income depending on whether your investments deliver on guarantees

4. Which is incorrect? A living annuity provides a pension by allowing you to:

Invest in the underlying investments as you see fit

Invest in the underlying investments as long as they comply with regulation 28 of the Pension Funds Act. 87

Draw an income of between 2.5% and 17.5% of the value of your capital in the living annuity

Adjust your income drawdown annually as long as it is within the allowed limits