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Lifestyle Privilege is a flexible, investment-linked deferred annuity policy which provides funds for the purchase of a pension beginning at any age from 52 to 70. It is available in two versions, Lifestyle Privilege 10 and Lifestyle Privilege 20. The term from the start of the policy to the selected retirement age determines which version you would qualify for.
With just a $200 premium payment per month, you could be on your way to a comfortable, secure retirement. If you wish, you can add increments of $25 or more to this monthly premium. Quarterly, semi-annual and annual payments provide added flexibility.
Some times it's only when we get to age 50 that we realise retirement is just around the corner. We all want to enjoy our retirement in the style to which we have grown accustomed-the problem is that not all of us think and plan for it! And, before we know it, the years have slipped by and it is time to retire. Even if you are already 50, it's not too late to start your retirement plan.
Key Benefits
- Participation in the tax-free investment growth of the Lifestyle Pension Fund.
- Offers the advantage of 100% tax relief on your premium.
- Investments cover a range of possibilities permitting the safety of investment.
- Minimum growth rate of 4.5% per annum on your premium.
Retirement Benefits
At your chosen retirement age you have two options. You can take 25% of your accumulation in cash, tax free and use the balance to purchase an immediate annuity at the Company's then current rates. Alternately, you can use the full accumulated value to purchase an immediate annuity at the Company's then current rates or at the guaranteed rates, if better.
Who qualifies for Lifestyle Personal Pensions?
Persons at least 52 years old at their last birthday may purchase Lifestyle Pensions. The Maximum age limit is 70 years at last birthday.
Premium Payments
With just a $200 premium payment per month, you could be on your way to a comfortable, secure retirement. If you wish, you can add increments of $25 or more to this monthly premium.You can enhance your retirement benefits by investing unexpected cash windfalls by making unscheduled premiums of at least $500 at any time. Quarterly, semi annual and annual payments provide added flexibility.
Where does your premium go?
Every year after the first policy year, 100% of your full premium is allocated to the Lifestyle Pension Fund or the International Lifestyle Pension Fund, if selected. However, during the first policy year, depending on the level of payments, a portion of the full premium received is retained to meet establishment expenses, thus reducing the portion allocated to the fund.
If premiums are increased, 45% of the increase will be allocated to the Fund in the year of the increase and 100% thereafter (increments can be $25 or more).
In the case of unscheduled payment, 95% of the deposit will be allocated to the Fund.
Both regular and unscheduled premiums are allocated to the Fund at a purchase rate of 103% of the then Lifestyle Pension Fund Index (unscheduled deposits are $500 minimum)
