Overview

Are you self-employed and thinking of planning for your retirement. Are you formally employed but have a desire to grow your retirement fund? If your answer is yes then the CBZ Preservation is designed for you. The Preservation Fund allows to make deposits as and when you get the money. Savings product proceeds can be used to purchase retirement pensions. The minimum period of investment is 5 years for new contributions.

All contributions are tax allowable as the scheme is a Registered Pension Fund.

Features

  • This is a hybrid product of savings and insured benefits
  • Open to old employer contributions from previous employment and new contributions from informal sector, NGO’s, groups of employees whose employer and formally employed individuals who have a savings goal
  • Savings product proceeds can be used to purchase retirement pensions or paid back to achieve a goal
  • The insured benefit is twice investment value at the point of claim
  • Subject to a maximum limit as set out by the insurer from time to time
  • No Minimum cover
  • No medicals are required

Benefits

Death Benefits

On death of the policyholder, your beneficiaries are paid the following:

  • Accumulated Credit at date of death
  • Group Life Assurance benefit equivalent to twice the investment value as at date of death subject to the prevailing maximum limit

Retirement Benefits

  • Accumulated Credit at date of retirement is determined
  • 1/3 of Accumulated Credit is paid as a tax free lump sum
  • 2/3 of Accumulated Credit is used to purchase an annuity

Withdrawal Benefits

  • Only accumulated member contributions plus interest will be paid subject to tax
  • Accumulated contributions plus interest originating from employer will only be paid to member on retirement