The retirement funding options include pension funds, provident funds and retirement annuity funds. Benefits can be transferred from one retirement annuity fund to another. Often, retirement annuities are used as a vehicle for retirement savings by self-employed people and those wishing to make an additional provision for their retirement. A person makes contributions to the retirement annuity before retirement. The accumulated amount is then used to pay the individual regular pension amounts or a combination of regular pension and a cash lump sum.

Source: The Star June 12, 2017 07:41 UTC