Changing jobs? Retrenched? Or simply taking a break? Don’t spend your hard-earned retirement savings. Transfer your pension or provident fund savings to a Metropolitan Preservation Plan until you retire. Here's how it works:
A preservation fund is specifically designed to receive and grow your pension or provident fund savings when you leave your employer before retirement.
You don’t pay tax on the transfer.
If your retirement savings is in a pension fund, you’ll transfer it into Metropolitan’s Preservation Pension Plan.
If your retirement savings is in a GEPF pension fund, you’ll transfer it into Metropolitan’s Preservation Pension (GEPF) Plan.
If your retirement savings is in a provident fund, you’ll transfer it into Metropolitan’s Preservation Provident Plan.*
You can take one withdrawal before you retire, subject to certain conditions.
What makes a preservation plan a good option?
You can protect and grow your built-up retirement savings when you switch employers.
You have different investment funds you can choose from.
You don’t pay any tax on the growth on your investment.
You can switch funds in your portfolio as and when you need to.
You can make one partial or full withdrawal from the preservation plan before a certain age as defined by the transferring fund's rules.
You don't have to "retire" from the plan when you stop working; you can leave your savings invested for as long as you want to and continue to grow your money.