Assupol Carefree Life Retirement Annuity Review 2023

Carefree Life Retirement Annuity

The Assupol Carefree Life Retirement annuity is a retirement plan that is available to people aged 55 and up and requires a minimum monthly contribution of R180.00 or more. Policyholders can supplement their Assupol Carefree Life Retirement annuity with a disability benefit, which allows them to stop paying premiums if they become disabled.

The Assupol Carefree Life Retirement annuity includes a number of investment funds from which to choose. Policyholders can select which investment fund they want to invest in. Contributions, on the other hand, result in tax savings.

The Assupol Carefree Life Retirement annuity includes benefits like instantDiscounts coupons. Individuals who use instantDiscounts coupons receive coupons that can be used at any Checkers or Shoprite location. Coupons can save policyholders up to R1.250.00 per month.

Assupol also pays cash for retirement plan referrals. Assupol pays the first instalment sum to the person who makes the referral. The most a person can earn for making a referral is R300.00.

The Assupol Carefree Life Retirement annuity is one of the best low-cost retirement plans available in South Africa. We discuss the product in depth to gain a better understanding of it.

How the Carefree Life Retirement Annuity Works

Assupol manages the Carefree Life Retirement Annuity and oversees the retirement investment as a whole through a board of trustees. The trustees are in charge of ensuring that the annuity’s objectives are met at all times. Contributions to the Carefree Life Retirement Annuity are invested in your preferred fund. There are numerous investment funds available, ranging from low to high risk.

As a result, your risk tolerance will determine whether you invest in a low or high risk funds. In general, available investment funds outperform the 3.5% annual inflation rate. However, the investment funds fluctuate due to a variety of factors such as a financial crisis, which may result in a recession or depression, or a pandemic such as Covid-19.

Your capital investment may be at risk, but there is little doubt that in the long run, your retirement investment will recover and earn interest. If you invest in the Assupol Carefree Life Retirement, you will only be able to access your money when you reach the age of 55 or become disabled. This investment has tax advantages to help you get the most out of your retirement savings.

You can reduce your current income tax by contributing to the Carefree Life Retirement Annuity. In the future, you can transfer your funds to a tax-free savings account to take advantage of tax savings.

Carefree Life Retirement Annuity Highlights

The Assupol Carefree Life Retirement Annuity includes a variety of benefits designed to improve your financial situation both now and in the future. However, there are some conditions that must be met before investing in this retirement package. 

Being disabled is one of the most unfortunate events in a person’s life. You will need a steady source of income to ensure your well-being during these trying times.

Carefree Life Retirement Annuity guarantees its members that they will not have to pay any additional premiums if they become disabled. Furthermore, as a member, you can use your capital plus interest to improve your quality of life while disabled.

Assupol offers a diverse range of investment funds based on various benchmarks. The majority of the funds are award-winning investment funds, such as the Allan Gray Stable Fund.

Almost all of the time, your investment is well-protected since Assupol has some of the most trusted investment managers at their disposal.

Tax Benefits 

As with any other retirement administrator, Assupol wants to ensure that its members receive as many tax benefits as possible. Assupol has focused on two tax benefits to ensure that members of the Carefree Life Retirement Annuity receive the most tax benefits.

The first tax benefit you will receive is a personal income tax deduction. That is, you will benefit from tax saving based on your taxable income. For example, if you earn R12,000.00 per month in gross income and contribute R500.00 per month to the Carefree Life Retirement Annuity, the R500.00 you contribute to your retirement will be deducted from your taxable income. As a result, your taxable income will be R11500.00 rather than R12000.00.

The second tax saving comes from moving your existing retirement fund to a tax-free savings account. Transferring your investment to a tax-free savings account allows you to take advantage of all the interest that your capital earns over time. This is due to the fact that the tax-free savings account is not taxed.

Income earned during retirement is taxed; however, the income is taxed using the income tax brackets for pensioners. To qualify for such tax relief, you must be over the age of 65.

Competitive Advantages of the Carefree Life Retirement Annuity 

  • Comes with tax benefits that reduce your personal income tax at present. 
  • If you become disabled, you can access your retirement savings without receiving any penalties. 
  • Your retirement savings are protected from debtors since you cannot attach your retirement savings as collateral. 
  • You get to choose where your money gets invested through a number of investment funds. 
  • If you are a Progress Legacy Plan holder, you get a reward boost on your retirement annuity at maturity. 
  • Contributions are paused if you get disabled. 
  • You can start investing from as little as R180.00.

Competitive Disadvantages of the Carefree Life Retirement Annuity 

  • You cannot access your retirement savings at any time like you would do with the Sanlam’s Cumulus Echo Retirement Plan
  • Since the minimum allowed investment is low, there is a high chance that your investment won’t reach your financial needs at retirement if you choose to invest a low amount. 


The Assupol Carefree Life Retirement Annuity is available to anyone over the age of 18. The product is reasonably priced, with monthly contributions starting at R180.00.

Carefree Life Retirement Annuity has numerous advantages that begin as when you start making contributions. This product is strongly recommended for anyone looking to save for retirement.

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