Adjust your contributions
You can change your contributions to suit your needs. For example, you can choose how you want to distribute the money paid into your savings.
Any questions?
You can see the contributions from your employer and any you may be making yourself under Contributions.
Most of the money you pay into your pension plan is tax deductible. However, you do not have to deduct these contributions from your tax return.
The contributions to your pension are deducted from your salary before the tax is calculated.
Most people save for retirement using three different types of savings plans:
Old-age savings
You receive your old-age savings as a lump sum benefit or in smaller amounts if you do not need the entire amount all at once.
You are not required to pay taxes on the money you receive.
Annuity pension
You receive a monthly amount when you retire. You decide the time period over which the annuity pension is paid out. This can range between 10 and 30 years. "However, the final payout must be paid out no later than 30 years after your earliest retirement age
You are required to pay taxes on the money you receive.
Lifetime pension
You receive a monthly amount when you retire and for as long as you live.
You are required to pay taxes on the money you receive.
