Companies can provide an array of benefits. Have you interrogated yours?

In South Africa, where there is a lack of a savings culture, having an employer-funded pension or provident fund helps employees save for their nest egg.

GROUP RISK BENEFITS: Other companies go further and provide their employees with group risk benefits. APPROVED LIFE COVER: Approved life cover means the retirement fund is the policyholder; this means that in the case of death of the member, the trustees will have the final say in how the death benefit will be distributed to the deceased’s family members All contributions to approved funds are tax deductible up to 27.5% of taxable income, capped at R350 000 a year, but the pay-out will be subject to tax. All benefits paid from an approved retirement fund are exempt from estate duty.

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