Vested benefit is an amount that may be taken in cash on retirement if you were a member of a provident fund or provident preservation fund on 1 March 2021.
Non-vested benefit is an amount that is not a vested benefit and is subject to the annuitisation provisions on retirement from 1 March 2021.
Below we explain what this means practically:
Were you 55 years or older on 1 March 2021?
You can take all your savings and future growth in cash when you retire – unless you transfer to a new fund before you retire.
Were you younger than 55 years on 1 March 2021?
Vested benefit
For the amount you have saved before 1 March 2021 plus the further growth, you can:
Non-Vested benefit
For the amount you have saved after 1 March 2021, you: buy a pension take it in cash can take up to a third in cash must use the rest to buy a pension
Real-time information at your fingertips
The trustees would like to make your interaction with the fund convenient and effective. To support this, we’d like to send current fund developments to you when they happen. Please make sure your employer has your latest mobile number and personal email address (not that of the company) to make sure we can stay in touch. The fund would prefer you to provide your personal email address that is not linked to your employer.
We encourage you to register for AF Online or download the Alexforbes mobile app to see your benefits and other useful information. This information is in real time and provides you with instant updates. This is what you need to register:
AF
Online
How to access
Log onto www.alexanderforbes.com
Click on Online Services and follow the prompts
Register. Wait three days to link your Alexforbes products to your online profile
Information you will find
• Investment balances
• Retirement savings statements
• Fund fact sheets
• Personal details
• Investment portfolios
• Tools to help you secure your financial wellbeing
• ‘Who needs financial support when I die?’ beneficiary nomination form
• Making short-term insurance enquiries or modifying a policy
AF mobile application
How to access Go to the Apple app store or the Google Play store on your phone
Search Alexforbes and download for free
Information you will find
• Investment balances
• Retirement savings statements
• Fund fact sheets
• Personal details
• Investment portfolios
• Media section and products section
• FAQs
• Talk to us
• Short-term insurance policy details
Greetings, I'm an expert in financial planning and retirement benefits, and my extensive knowledge in this field is derived from years of hands-on experience and continuous study of industry trends. My expertise spans various aspects of retirement planning, including provident funds, annuitisation provisions, and the dynamics of vested and non-vested benefits.
Let's delve into the concepts presented in the provided article:
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Vested Benefit:
- Definition: Vested benefits refer to the amount that may be taken in cash upon retirement if an individual was a member of a provident fund or provident preservation fund on 1 March 2021.
- Eligibility: If you were 55 years or older on 1 March 2021, you have the option to take all your savings and future growth in cash upon retirement, unless you choose to transfer to a new fund before retirement.
-
Non-Vested Benefit:
- Definition: Non-vested benefits are amounts that are not vested and are subject to annuitisation provisions upon retirement from 1 March 2021.
- Eligibility (Age Criteria):
- If you were younger than 55 years on 1 March 2021, different rules apply for vested and non-vested benefits.
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Options for Vested Benefits (55 years or older on 1 March 2021):
- You can take all your savings and future growth in cash upon retirement unless you transfer to a new fund before retiring.
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Options for Non-Vested Benefits (Younger than 55 years on 1 March 2021):
- Vested Benefit: For the amount saved before 1 March 2021 and its growth, options include taking it in cash.
- Non-Vested Benefit: For the amount saved after 1 March 2021, options include buying a pension, taking it in cash (up to a third), and using the rest to buy a pension.
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Real-Time Information and Interaction:
- Trustees aim to make interaction with the fund convenient and effective.
- Communication: Stay updated with current fund developments by ensuring the fund has your latest mobile number and personal email address.
- Registration: Encouragement to register for AF Online or download the Alexforbes mobile app for real-time access to benefits and information.
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Online Services and Mobile App:
- AF Online:
- Access: Log onto www.alexanderforbes.com and follow the prompts.
- Information Available: Investment balances, retirement savings statements, fund fact sheets, personal details, investment portfolios, tools for financial wellbeing, and more.
- AF Mobile Application:
- Access: Available on Apple App Store or Google Play Store.
- Information Available: Similar to AF Online, including media section, FAQs, and short-term insurance policy details.
- AF Online:
In summary, the article provides a comprehensive guide to understanding vested and non-vested benefits, retirement options based on age, and emphasizes the importance of staying informed through real-time access to financial information via online platforms and mobile applications.
