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Fact FileRETIREMENTINCOME PLAN
ContentsSECTION A0201 Fixed Annuity0302 Living Annuity04Fees that apply to your living annuity06Choosing your investment options09Discovery’s range of investment funds for your living annuity09Business practices11SECTION B12About the income boosts12
About this Fact FileThis Fact File sets out the details of the Retirement Income Plans,as well as the terms and conditions that apply. It is made up of twosections:Section A: The rules of the Retirement Income Plans Section B: T he rules for the Invest Income Boosts on the living annuity.If you need more informationYou can speak to your financial adviser, or contact us on 0860 67 5777.You can also visit www.discovery.co.za/invest for extra resourcesand download a PDF version of this Fact File.01
SECTIO N AUnderstanding ourRetirement Income PlansOur Retirement IncomePlans are designed toprovide you with a regularincome throughout yourretirement (known asannuity income or apension). The amountyou receive depends onthe Retirement IncomePlan you choose and yourapplicable tax rate.We offer two types of Retirement Income Plans:A Fixed AnnuityA Living Annuity.With the Fixed Annuity, you’ll receive an income for the rest of your life.The income payments stop on your death with no remaining amountto be distributed to your beneficiaries. If you die before the end ofa guarantee term, we’ll keep paying the income payments to yourbeneficiaries until the end of that term.With the Living Annuity, you decide how to invest your retirementsavings within our range of investment funds. The Living Annuity alsogives you flexibility to choose your income each year (within regulatorylimits). Your remaining investment in the Living Annuity is paid to yourbeneficiaries or your estate on your death. With the Living Annuity, wereward you for being proactive about managing how much you withdrawand managing your health in retirement. You can receive boosts of up to50% to your retirement income through these behaviours.If the investment value in a Living Annuity is more than the Purplethreshold (currently R3.5 million as at November 2019), then you qualifyfor a Purple Living Annuity. Market movements and withdrawals thatmay result in your investment value falling below the Purple threshold,will not impact whether you qualify or not. With a Purple Living Annuity,you enjoy Income Boosts on a wider fund range. Please note that thePurple threshold may change over time.02
01 Fixed AnnuityYou receive an income for lifeA Fixed Annuity gives youan income for rest ofyour life. You can chooseto receive your incomemonthly, quarterly,twice a year or annually .With a Fixed Annuity, youcan choose: he rate that you want yourTincome to increase by at eachanniversary of your plan (forexample, by inflation or otherpercentage). guarantee term, whereAyour income is paid for aguaranteed period. If youdie before the end of theguarantee term, we’ll continuepaying the income to yourbeneficiaries until the end ofthe guarantee term. They maynot take a lump-sum in cash. joint annuity, where youAcan choose to have yourincome paid for as long asyou or your spouse is alive.You can also choose for thesurviving spouse to receivea lower income for life afterthe first spouse dies.You may not change any ofthese choices after the planstarts. The options you havechosen are shown on your planpolicy schedule.The income you receive dependson various factors when you buythe Fixed Annuity. These includethe amount of your retirementsavings, your age, gender,interest rates, guarantee term,the rate you want your incometo increase by and whether youwant a joint annuity.03On your death, the incomepayments will stop unless youhave chosen a guarantee termor a joint annuity.You may be taxedon your incomeYour income payments aretaxed according to the latestSARS income tax tables, or anytax directive you may have fora different rate.What you may not dowith a Fixed AnnuityYou may not: urrender your planS(this means to cash it in). ssign or cede your plan, orApledge it as security for a loan. Transfer your plan to anotherinsurer. onvert your plan to a LivingCAnnuity. ake extra contributionsMto your plan.Appointing beneficiariesIf you chose a guarantee term,you may appoint or removebeneficiaries at any time. It isyour responsibility to make surethat we have recorded yourbeneficiaries correctly. Yourbeneficiaries will be shownon your policy schedule.
02 Living AnnuityYou choose your income percentage and how often you want it paid to youWith a Living Annuity,your retirement savingsare invested in yourchoice of investmentfunds offered by DiscoveryInvest. You can decidehow much of yourinvestment you need towithdraw as an incomein retirement.You must choose a retirementincome level of between 2.5% and17.5% of your investment valueeach year. These percentages areset by the law and will change ifthe law changes. You may alsochoose a rand amount and wewill calculate the percentagefor you. You may change yourincome percentage only on theanniversary of your planeach year.You decide how often you wantto receive payments (monthly,quarterly, twice a year or annually).You can also receive boosts toyour retirement income (seesection B). Changes to yourincome percentage may affectthe boosts you receive.How the tax worksYour income payments from theLiving Annuity and any boostsyou receive are taxed accordingto the latest SARS income taxtables, or any tax directive youmay have for a different rate.All investment growth on theinvestment funds you choosein the Living Annuity is taxfree under current tax practice(November 2018).What you may do withyour Living AnnuityYou may: ransfer your plan to anotherTinsurer (Directive 135 and135(A) issued by the Registrarof Long-term Insurance apply). onvert your plan to a FixedCAnnuity.What you may not dowith your Living AnnuityYou may not surrender your planunless your investment valuefalls below: R75 000 – if you didn’t makea withdrawal at retirement or 50 000 – if you did makeRa withdrawal at retirement.These levels are set by law andwill change if the law changes.Appointing beneficiariesand benefits payableon your deathYou may appoint or removebeneficiaries at any time. It is yourresponsibility to ensure that wehave recorded your beneficiariescorrectly. Your beneficiaries willbe noted on your policy schedule.On your death, we will pay yourinvestment value less any fees,withdrawals and taxes to yourbeneficiaries. They may chooseto receive the money as regularincome or as a cash lump sum oras a combination of an annuityor cash lump sum. If you haven’tappointed any beneficiaries, wewill pay the investment value toyour estate.04
Phasing in yourcontributionTax that applies at your deathOn your death, any lump-sum payments will be taxed according tothe latest lump-sum retirement tax tables published by SARS. If yourbeneficiaries choose to receive the money as a regular income, the incomewill be taxed at the beneficiary’s marginal rate of tax.Increasing the investment value on death (LifeBooster)About the benefitIf you die before you turn 70, we’ll increase the investment value byup to 15% on the date of your death. The size of the increase dependson your Vitality status on the last anniversary of your plan before yourdeath as shown on the table below:VITALITY Diamond15%The increase doesn’t apply:I f your Living Annuity is funded from a Discovery RetirementOptimiser policy.I f your death results from any pre-existing conditions, physicaldefects, illnesses, bodily injuries or diseases you have suffered from,were aware of or should have reasonably been aware of, or receivedmedical treatment or advice for during the three years before thestart date of the investment. If your death results from suicide.Getting rewarded for positive behavioursWe reward your positive financial behaviours by boosting the incomeyou receive from your Living Annuity. See section B of this Fact Filefor further details.05You can choose to phase inyour contribution through theDiscovery Money Market Fundor the Discovery DiversifiedIncome Fund. (These are knownas phase-in funds.) If you wantto phase in your investment, thefull contribution will be investedinto your phase-in fund.The lump-sum contribution(plus interest) will be dividedby the number of months youchose and the amount derivedwill be withdrawn from thephase-in fund in the first monthand invested proportionatelyin the investment optionsselected. In the second month,the remaining amount willbe divided by the number ofphase-in months remainingand invested. This will continueuntil all the money is phasedin. You can choose to phasein your investment over 3, 6,9, 12, 15, 18, 21 or 24 months.Your selected phase-in period(if applicable) is shown on yourpolicy schedule.
Fees that apply to your living annuityThere are fees for thisInitial feesinvestment, payable to: Discovery Invest foradministering your plan. Your financial adviser forgiving you financial advice. The investment managersof the funds you have chosento invest in.Financial adviser initial advice feeYou and your financial adviser may negotiate an initial advice fee as apercentage of your initial investment. We’ll pay this fee to your financialadviser on your behalf from your investment before we invest the balance.E X A MP L EHow the initial fee calculation worksJohn and his financial adviser agree on a 2% financial adviserinitial advice fee on an investment of R75 000. This fee amountsto R1 725 (inclusive of VAT).The fee is deducted from John’s investment value upfront whichmeans R73 275 (R75 000 minus R1 725) is invested into hischosen investment funds.06
100% allocationIf you want to invest your full investment value, you can choose the100% allocation option. With this option, your full investment value isinvested in your chosen funds. Instead of paying the initial advice feeupfront, this fee is increased and paid monthly over five years fromyour investment. If you transfer your plan to another provider, or yousurrender your plan (see above for when you may surrender), theremaining fees will be deducted from your investment value.The formula to determine the monthly fee from the 100%allocation option is: Initial advice fee X 1.262 divided by 60 months.EX A M P L E100% allocationIf John chose the 100% allocation option, his total contributionof R75 000 is invested into his chosen investment funds. The feeof R1725 is multiplied by 1.262 and divided by 60 to calculatethe monthly payment to be paid over five years as shown below:R1 725 x 1.262 R2 176.95, then R2 176.95 60 R36.28John will pay R36.28 per month for five years. If he surrenders,transfers his investment or dies before the end of the 60months, the remaining unpaid fees will be deducted from theinvestment value. This fee doesn’t change and is R36.28 for theentire 60 months in this example.Investment management initial feesInvestment management companies may charge initial fees for investingin their funds. The initial fees applicable to each fund can be found in therelevant fund fact sheets available on www.discovery.co.za.07
Annual feesDiscovery Invest annual administration feeThere is an annual administration fee based on the value of yourinvestment. The annual administration fees are shown in thetable below:Investment valueFee (excluding VAT)First R1.5m0.55%Next R2.5m0.35%Above R4m0.20%The annual administration fee is charged monthly and deductedfrom your investment value. These fees will be increased by 15%to offset VAT expenses.Financial adviser annual advice feeYour financial adviser may also charge an annual advice feeas a percentage of your investment fund value for managingyour investment fund. The annual administration fee is chargedmonthly and deducted from your investment value. VAT will beadded to these fees. We deduct these fees from your investmentand pay them to your financial adviser on your behalf.Investment manager annual feeThe investment managers of your investment choices usuallycharge an annual management fee as a percentage of yourinvestment in their fund. This fee is divided by 365 and deducteddaily in the unit prices provided by the investment. The annualfees that apply to each fund can be found in the relevant fundfact sheets available on www.discovery.co.zaFee reviews for Living AnnuityThe fees we quote when the investment starts are not fixed.They may be reviewed during the investment. Before any feeincreases, we will inform you in writing about the changes, aswell as the options available to you.08
Choosing investment fundsfor your living annuityYour contributions to theDiscovery’s range of investment fundsLiving Annuity are investedin the investment fundsthat you choose. Theinvestment funds that youchoose and the allocationof the contributions amongthese investment funds willbe shown on your policyschedule. If any of theinvestment funds are cappedor closed, we’ll ask you togive us an instruction for anew investment option. Untilwe receive instructions fromyou, your investment will beheld in a default investmentfund that Discovery Investmay choose from time totime. Discovery Life is theowner of the underlyingassets of the Living Annuity.Discovery Invest FundsWe offer a range of funds for different risk profiles: ingle-manager unit trust funds which offer flexibility and controlSif you have specific investment objectives. We’ve partnered withInvestec Asset Management, (one of South Africa’s leading assetmanagers) to manage the range of single manager Discovery Investfunds. ulti-manager funds and model portfolios if you want diversificationMin your investment managers. ew investments opportunities: Through our association withNinternational banks, we can give you access to new investmentopportunities from time to time. These are not unit trusts so they arenot regulated by the Collective Investment Schemes Control Act.Escalator FundsThe Escalator Funds are designed to provide unlimited upside potentialin bull markets, while offering downside protection in bear markets. Youare protected at a level of at least 80% of the highest value the EscalatorFund has ever reached. This ensures that if markets are down whenyou want to realise your investment, you have the guarantee that youwill always be able to realise at least 80% of the highest value of yourEscalator Fund.The Escalator Fund is calculated with reference to a mix of assets thatdynamically rebalances between an underlying riskier asset and a cashcomponent on an ongoing basis. The riskier asset may be a Discoveryunit trust, an external unit trust, an index or a set of indices. The value ofthe fund at any time is based on the market value of both the underlyingriskier asset and the cash component.09
The 80% dynamic market valueguarantee level is based on theoverall value of each Escalator orAnnuity Escalator Fund and noton the value of the riskier assetonly. The guarantee applies at alltimes and not only at the end ofa specified time.Discovery Invest provides arange of Escalator and LifeEscalator Funds with variousunit trusts and indices as theunderlying riskier asset thatyou may choose from.The guarantee that the EscalatorFunds will not fall below 80% ofthe highest value reached (theguarantee level) is a guaranteeprovided by Deutsche Bank orBNP, as the case may be, andnot Discovery Life Limited. Thismeans that the investor bearsthe risk if Deutsche Bank or BNPis unable to meet the guaranteefor any reason whatsoever.Discovery also offers access to awide range of external investmentmanagers to provide flexibility inyour investment choice.This rebalancing is done accordingto a defined algorithm whichenables the guarantee at any time.As the performance of the riskierasset improves, the allocation tothe riskier asset increases. If theperformance of the riskier assetfalls, the allocation to the riskierasset decreases.External fundsSwitching betweeninvestment optionsYou may switch betweeninvestment options at any time,subject to our business practicesat the time. The current practiceis to allow four free switches ayear. Extra switches cost 0.25% VAT of the value switched,capped at R500 per transaction.Initial fees for the investmentmanagers of the funds switchedto may apply. Switches thatresult in a change in theproportion of your Living Annuityinvested in qualifying funds willmean changes to the boostson your retirement income.(section B for more details).10
Business practicesReceiving regular statementsYou’ll receive a quarterly statement reflecting your investment valuesduring a specified period (or the previous quarter). At any time, youcan view all the details of your investment, including the details ofyour income boost, by logging in to our digitally enabled website atwww.discovery.co.za. You can also download statements over theperiod of your choice and make use of a range of tools and calculators.Consent to disclosureAs part of your application, you consented to the sharing and processingof personal information, including medical information, between DiscoveryInvest, Discovery Life, Vitality, Discovery Insure, Discovery Bank, anymedical practitioner you have consulted or any other life office, DiscoveryHealth and Discovery Health Medical Scheme.11
SECTI O N BAbout the Income BoostsBoosts for being financially smart and managing your healthin retirementWe reward your positive behaviours by increasing the income you receive from your Living Annuity with a boostto your retirement income. The boost depends on: Your withdrawal level Your Vitality status and your Vitality health goals at the time of each income payment Your chosen funds.These are explained below:Your withdrawallevelWe reward you forconserving yourretirement savings.The lower yourwithdrawal level,the bigger the boost.Your withdrawal levelis based on your annualretirement incomepercentage that youselect at the start ofeach policy year. If youchose a rand amount ofincome, we’ll convert itinto a percentage.Your Vitality status and Vitality health goalsWe reward you for looking after your health in retirement. Thehealthier you are, the bigger the boost to your income. We useyour Vitality status together with your personalised health goalsfrom Vitality Active Rewards to assess your health in retirement.These Vitality health goals include: Reaching activity goals ompleting your personalised list of clinically relevantChealth checks Meeting your personalised HealthyFood goals Meeting medicine adherence goals Meeting your weight goals.The Vitality health goals are personalised, so not all goalswill apply to every individual.Your chosen fundsCertain Discovery funds qualify for boosts. Please see the listof qualifying funds available on www.discovery.co.za. This listmay be updated from time to time. If you have a Purple LivingAnnuity with more than 50% invested in qualifying Discoveryfunds, you may qualify for boosts on your non-qualifying funds.12
How we calculate the boostsFor each fund you have chosen, the income boost depends on your yearly withdrawal level from your total livingannuity, and is equal to:01 A percentage based on your Vitality status plus02 A percentage based on your Vitality health goals.The income boost is calculated by multiplying this total percentage by the rand value of your withdrawalfrom each fund.The boost percentage that you can receive based on your Vitality status is shown below:VITALITY STATUSNot amemberof VitalityBlueBronzeSilverGoldDiamond2.50% – 3.00%10.00%12.50%15.00%20.00%25.00%30.00%3.01% – 3.50%5.00%7.50%10.00%12.50%15.00%20.00%3.51% – 4.00%2.50%2.50%5.00%7.50%10.50%15.00%4.01% – 4.50%1.50%1.50%2.50%5.00%7.50%10.00%4.51% – 5.25%0.50%0.50%1.50%2.50%5.00%7.50%5.26% – 6.00%0.25%0.25%0.50%1.50%2.50%5.00%6.01% – 8.00%0.00%0.00%0.25%0.50%1.50%2.50%8.01% – 10.00%0.00%0.00%0.00%0.25%0.50%1.50%10.00% – al levelThe boost percentage that you can receive for reaching each Vitality health goal is shown in the table below.Your boost for your Vitality health goals is the sum of the boost percentages.VITALITY HEALTH imumboost forVitality 5%3.75%3.75%15.00%3.51% – 4.00%6.00%2.00%2.00%2.00%2.00%10.00%4.01% – 4.50%5.00%1.50%1.,50%1.50%1.50%8.00%4.51% – 5.25%3.00%1.50%1.50%1.50%1.50%6.00%5.26% – 6.00%2.00%1.00%1.00%1.00%1.00%4.00%6.01% – 8.00%1.00%0.50%0.50%0.50%0.50%2.00%8.01% – 10.00%0.50%0.25%0.25%0.25%0.25%1.00%10.01% – al levelActivity2.50% – 3.00%10.00%3.01% – 3.50%HealthChecksThe percentage you can receive for each goal depends on your meeting the qualifying criteria for each one at thetime of your income payment and your withdrawal level.13
The income boosts shown in the tables above only apply to qualifying funds. Qualifying funds consist of Discoveryfunds, Escalator Funds based on Discovery funds and indices, and Target Retirement Date Funds. The DiscoveryMoney Market Fund is not considered a qualifying Discovery fund. The full list of qualifying funds can be foundon our website at www.discovery.co.za.Additional boosts on non-qualifying funds for Purple Living AnnuitiesIf you have a Purple Living Annuity and you have a minimum of 50% invested in qualifying funds at the time of eachincome payment, you may receive income boosts on your non qualifying funds as well.The income boosts that you can receive on non-qualifying funds based on your Vitality status is shown below:VITALITY STATUSNot amemberof VitalityBlueBronzeSilverGoldDiamond2.50% – 3.00%3.25%4.50%5.50%7.00%8.75%10.00%3.01% – 3.50%1.75%2.50%3.50%4.50%5.25%7.00%3.51% – 4.00%0.75%1.00%1.75%2.50%3.50%5.25%4.01% – 4.50%0.50%0.75%1.00%1.75%2.75%3.75%4.51% – 5.25%0.20%0.25%0.75%1.25%2.50%2.75%5.26% – 6.00%0.15%0.20%0.25%0.75%1.25%1.75%6.01% – 8.00%0.00%0.00%0.20%0.25%0.75%1.25%8.01% – 10.00%0.00%0.00%0.00%0.20%0.25%0.75%10.00% – al levelThe income boosts that you may receive on non-qualifying funds for reaching each Vitality health goal is shownin the table below.VITALITY HEALTH rWeightmanagementMaximum boostfor Vitalityhealth goals2.50% – 3.00%3.00%1.50%1.50%1.50%1.50%5.00%3.01% – 3.50%2.25%1.00%1.00%1.00%1.00%3.75%3.51% – 4.00%1.80%0.60%0.60%0.60%0.60%3.00%4.01% – 4.50%1.50%0.45%0.45%0.45%0.45%2.50%4.51% – 5.25%0.90%0.45%0.45%0.45%0.45%2.00%5.26% – 6.00%0.60%0.30%0.30%0.30%0.30%1.50%6.01% – 8.00%0.30%0.15%0.15%0.15%0.15%1.00%8.01% – 10.00%0.15%0.10%0.10%0.10%0.10%0.50%10.00% – al level14
The rand value of the total income boost to your retirement income that you can receive in any plan year islimited to R100 000 before tax. Once you have received this amount, you will only start receiving increases toyour retirement income again the following plan year.Please note that Discovery will update the bands in the matrices, the qualifying criteria for the health goals andpercentages used, the qualifying funds and the limits, from time to time.Please note that some funds may be excluded from any income boosts. See the most recent fund list availableon www.discovery.co.zaMore information about the Vitality health goalsIn order to qualify for any of the Vitality health goal boosts specified below, you will need to be a member of theVitality Active Rewards programme and download the app on your smartphone. More information about theVitality Active Rewards programme can be found on the Discovery website.ActivityThis boost rewards you for achieving activity goals from the Vitality Active Rewards programme. We calculate thisboost just before your income payment according to the table below.When you receive your income paymentsHow we calculate your boostMonthlyWe use the activity goals you achieved in the month before yourincome payment. If you achieved at least two activity goals, thenyou’ll receive the activity boost percentage based on your annualretirement income percentage as shown in the Vitality health goalstable.Quarterly(every three months)We use the activity goals you achieved in the three months beforeyour income payment. We look at the number of months youachieved at least two goals and divide by three to get an average.This average is applied to the activity boost percentage based onyour annual retirement income percentage as shown in the Vitalityhealth goals table.Biannually(every six months)We use the activity goals you achieved in the six months beforeyour income payment. We look at the number of months youachieved at least two goals and divide by six to get an average.This average is applied to the activity boost percentage basedon your annual retirement income percentage as shown in theVitality health goals table.AnnuallyWe use the activity goals you achieved in the twelve months beforeyour income payment. We look at the number of months youachieved at least two goals and divide by twelve to get an average.This average is applied to the activity boost percentage based onyour annual retirement income percentage as shown in the Vitalityhealth goals table.The activity boost you earn may vary according to your activity goal achievements. Please note that the qualifyingcriteria for this boost may be reviewed from time to time.15
Health checksHealthyFoodThis boost rewards you forcompleting your personalisedlist of clinically relevant healthchecks through the VitalityActive Rewards programme.To qualify for this boost, yourentire list of health checks mustbe complete by the time of yourincome payment.This boost rewards you for completing your personalised monthlyHealthyFood goals from the Vitality Active Rewards programme.We may review the qualifyingcriteria for this boost from timeto time. Your health check boostsmay vary as they depend on youqualifying at the time of eachincome payment.We calculate this boost just before your income payment accordingto the table below.When you receive yourincome paymentsHow we calculate your boostMonthlyWe use the HealthyFood goal you achievedin the month before your income payment.If you achieved your HealthyFood goal,then you’ll receive the HealthyFoodboost percentage based on your annualretirement income percentage as shownin the Vitality health goals table.Quarterly(every three months)We use the HealthyFood goals youachieved in the three months before yourincome payment. We look at the numberof months you achieved your goals anddivide that by three to get an average.This average is applied to the HealthyFoodboost percentage based on your annualretirement income percentage as shownin the Vitality health goals table.Biannually(every six months)We use the HealthyFood goals youachieved in the six months before yourincome payment. We look at the numberof months you achieved your goals anddivide that by six to get an average. Thisaverage is applied to the HealthyFoodboost percentage based on your annualretirement income percentage as shownin the Vitality health goals table.AnnuallyWe use the HealthyFood goals youachieved in the 12 months before yourincome payment. We look at the numberof months your goals and divide that by 12to get an average. This average is appliedto the HealthyFood boost percentagebased on your annual retirement incomepercentage as shown in the Vitality healthgoals table.The HealthyFood boost you earn may vary according to your HealthyFoodgoal achievements. Please note that the qualifying criteria for this boostmay be reviewed from time to time.16
Medicine trackerThis boost rewards youfor taking your medicationaccording to the goals setby Vitality’s Active Rewardsprogramme. To get this boost,you must be part of the VitalityActive Rewards programmeand you must qualify for theMedicine Tracking module ofthis programme. The MedicineTracking module sets weeklyand monthly goals and youmust reach all goals to earn theboost. You can find out moreabout the Medicine Trackingmodule of the Vitality ActiveRewards programme on theDiscovery website.We calculate this boost justbefore your income paymentaccording to the tableto the right.When you receive yourincome paymentsHow we calculate your boostMonthlyWe use the medicine adherence goals youachieved in the month before your incomepayment. If you achieved all the requiredgoals, then you will receive the medicineadherence boost percentage based on yourannual retirement income percentage asshown in the Vitality health goals table.Quarterly(every three months)We use the medicine adherence goals youachieved in the three months before yourincome payment. We look at the number ofmonths you achieved all the required goalsand divide that by three to get an average.This average is applied to the medicineadherence boost percentage based on yourannual retirement income percentage asshown in the Vitality health goals table.Biannually(every six months)AnnuallyWe use the medicine adherence goalsyou achieved in the six months beforeyour income payment. We look at thenumber of months you achieved all therequired goals and divide that by six toget an average. This average is applied tothe medicine adherence boost percentagebased on your annual retirement incomepercentage as shown in the Vitality healthgoals table.We use the medicine adherence goalsyou achieved in the 12 months beforeyour income payment. We look at thenumber of months you achieved all therequired goals and divide that by 12 toget an average. This average is applied tothe medicine adherence boost percentagebased on your annual retirement incomepercentage as shown in the Vitality healthgoals table.The boost you earn may vary according to your medicine adherence goalachievements. Please note that the qualifying criteria for this boost maybe reviewed from time to time.17
Weight managementThis boost rewards yo
Convert your plan to a Fixed Annuity. What you may not do with your Living Annuity You may not surrender your plan unless your investment value falls below: R75 000 - if you didn't make a withdrawal at retirement or R50 000 - if you did make a withdrawal at retirement. These levels are set by law and will change if the law changes.
