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PSG wealth retirement annuity review 2022

PSG wealth retirement annuity

Retirement planning is essential, and one way to do it while still working is to invest in a retirement annuity. A platform that can be utilized to make such savings is the PSG wealth retirement annuity. The platform allows you to save money on a monthly, quarterly, biannually, yearly, or a one-time basis.

A PSG retirement annuity not only provides a platform for saving for retirement, but it can also save you money on taxes. Future withdrawals from the account will be tax-free, allowing you to save money on taxes. Dividend taxes, income taxes, and capital gains taxes will not apply.

Investors in the PSG wealth retirement annuity will need to be familiar with the underlying investments available. This is to enable investors to make well-informed decisions and obtain access to the information they require when making an investment.

The capital is not guaranteed and is subject to fluctuation. Read the discussion below to get a more in-depth look at the PSG wealth retirement annuity and make a wiser investment decision.

PSG Wealth retirement annuity summary

The PSG wealth retirement annuity is a personal savings account that pays out attractive income at retirement based on the performance of investment instruments. A monthly commitment of R500.00, a quarterly contribution of R1,500.00, a biannual contribution of R3,000.00, or a yearly contribution of R6,000.00 is required for the PSG retirement annuity.

Instead of making a monthly, quarterly, biannually, or yearly contribution, a lump sum contribution can be made. The PSG retirement annuity requires a minimum lump-sum contribution of R20,000.00. Only those under the age of 55 are eligible to contribute to the savings vehicle.

The PSG wealth retirement annuity aims to encourage people under the age of retirement to save for their golden years. The debit order contributions and the lump sum investment can be combined by clients. An existing benefit from another retirement annuity fund can also be transferred to the account.

Investing in the PSG retirement annuity is possible. This can be accomplished by adding a lump sum contribution or increasing the debit order amount at any time. Every year, PSG gives customers the option to increase their debit order contributions automatically.

Tax deductions are available for contributions to the PSG retirement annuity. A maximum of 27.50 % of taxable income can be deducted, with a limit of R350,000.00 in deductions per tax year. In the following tax year, any excess contributions are deductible.

To generate interest, the money in the PSG retirement annuity savings account must be invested. These can be put into one of PSG’s wealth management platforms. Dividend tax and capital gains tax are not deducted from investment returns because they are not taxable.

How the PSG wealth retirement annuity work

Those under the age of 55 can purchase the PSG wealth retirement annuity. To get started with the PSG wealth retirement annuity, go to the PSG website and request a callback. Before you apply for the product, a consultant will call to explain it to you.

After a brief explanation and a question-and-answer session with a consultant, one can begin the application process. After submitting a successful application, you can begin making deposits into the account, either as a lump sum or via debit order.

At the age of 55, the money invested, as well as the interest received, will be available. If a person withdraws and officially migrates to another retirement annuity, funds may become available. Furthermore, if a customer becomes terminally ill or disabled, he or she may be allowed to withdraw from the savings account.

A lump-sum withdrawal is possible once you reach the age of 55. At retirement, you can withdraw up to one-third of your investment as a lump sum. The remaining funds will be utilized to buy an annuity, which will cover the remaining two-thirds of the retirement payout.

A special withdrawal condition, however, applies at retirement age. At retirement, should the investment amount be less than R247,500.00, the full amount can be paid as a lump sum. The withdrawal will be tax-free, meaning there won’t be any capital gains or dividends tax levied.

Advantages of the PSG wealth retirement annuity

  • Contributions to the savings vehicle can be made in a variety of ways.
  • Savings can be put into a variety of investment vehicles to earn interest.
  • Under the PSG wealth retirement annuity, there are tax advantages to saving for retirement.
  • Returns on money invested through the various investment instruments offered are tax-free.
  • The product can be fully subscribed to remotely.
  • If the investment at retirement is less than R247,500.00, the amount can be wholly withdrawn. 
  • The minimum contribution to the retirement annuity is low.

Disadvantages of the PSG wealth retirement annuity

  • It is possible to lose the money invested in a retirement annuity.
  • Contributions to a retirement annuity that are not tax-deductible will be subject to estate duty.
  • Because the underlying investments must comply with regulation 28 of the pension fund act, there is no total flexibility in investing.

Requirements of the PSG wealth retirement annuity

  • Applicants must be below the age of 55 years at the time of application. 
  • Must either make contributions monthly, quarterly, biannually, yearly or make a lump sum contribution. 
  • Provide the name or names of beneficiaries. 


Individuals can save money for retirement by purchasing a PSG wealth retirement annuity. The vehicle also encourages investors to invest a portion of their money and proceeds on the due date in an annuity to supplement their retirement income. To prevent investing in a product that does not suit your investment needs, you should become familiar with the underlying investments available before making a decision.



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