OUR PRODUCTS: Retirement Savings
PRESCIENT FUND SERVICES IS THE BENEFIT ADMINISTRATOR OF THE PRESCIENT RETIREMENT ANNUITY FUND, THE PRESCIENT PRESERVATION FUNDS AND THE PRESCIENT UMBRELLA FUNDS.
The Retirement Annuity and Preservation Funds are available to retail investors while the Umbrella Funds are available to corporates who wish to make a retirement fund available to their employees.
Prescient Retirement Annuity Fund
What is a retirement annuity fund?
The Prescient Retirement Annuity Fund is a personal retirement savings vehicle which allows you to save for your retirement in a tax-efficient manner.
How do I contribute to a retirement annuity fund?
You are able to make an initial lump-sum contribution and/or on-going contributions to your retirement annuity by debit order.
What about tax on retirement annuity funds?
The contributions that you make to the retirement annuity are tax deductible (within limits) and the returns generated by the investments are exempt from taxation within the RA. Tax may be payable at retirement depending on the size of the cash portion taken.
What are my retirement annuity fund options?
You are able to pick from a range of approved investment options. You are able to switch between these investment options at any point without cost.
What about retirement annuity funds?
You are able to retire from your retirement annuity from age 55. You can take a maximum of one third of your benefit as cash. The balance must be used to purchase an annuity which will provide you with an income in retirement.
What about retirement annuity fund transfers?
You may transfer your existing retirement annuity to the Prescient Retirement Annuity and there will be no penalties should you wish to transfer from Prescient to another provider.
Retirement Annuity Funds Brochure
Prescient Preservation Funds
What are prescient preservation funds?
The Prescient Preservation Pension and Preservation Provident Funds are tax-efficient vehicles which allow you to preserve the benefit that you have accumulated within your employer fund when you change jobs.
How do I contribute to prescient preservation funds?
You can only contribute amounts that have been accumulated within an employer fund to a preservation fund by way of a transfer. You are not allowed to make cash contributions.
What about tax & prescient preservation funds?
By transferring your benefit to a preservation fund, you are not liable for any tax on the accumulated benefit. Furthermore, the future returns generated by the investments are exempt from taxation within the fund. Tax may be payable upon withdrawal or at retirement, depending on the on the size of the cash portion taken.
What are my prescient preservation fund options?
You are able to pick from a range of approved investment options. You are able to switch between these investment options at any point without cost.
What about retirement & prescient preservation funds?
You are able to retire from your preservation fund from age 55. In the pension fund, you can take a maximum of one third of your benefit as cash. The balance must be used to purchase an annuity which will provide you with an income in retirement. In the provident fund, you can take the entire benefit as cash.
What about prescient preservation fund transfers?
You may transfer your existing preservation fund to the Prescient Preservation Pension or Provident Fund and there will be no penalties should you wish to transfer from Prescient to another provider.
View Preservation Funds Brochure
Prescient Umbrella Funds
Prescient offers an Umbrella Pension Fund and Umbrella Provident Fund as affordable and tax-efficient retirement savings solution for employers who recognise the need for employees to save for retirement, but for cost reasons and perhaps the lack of expertise are reluctant to start their own retirement fund.
An Umbrella Fund is a Pension or Provident Fund which is treated as a single legal entity but allows numerous Participating Employers to join. The Umbrella Fund is one Fund and has trustees who are appointed by Prescient (four internal trustees and one external trustee). Participating Employers do not appoint trustees and hence avoid the expense and time associated with trustee duties.
Participating Employers can set their own Special Rules which apply to their distinct sub-fund. The Special Rules govern aspects of the Fund which are specific to the employer such as employee contribution rates and risk benefits (e.g. group life cover, group disability cover). In this way, the Participating Employer is able to create a tailored employer-branded Pension/Provident Fund within the Umbrella Fund.
Umbrella Pension and Umbrella Provident Fund contributions are tax deductible (within limits) either in the hands of the employee or the employer depending on how the contributions are structured. The Special Rules can be tailored to allow for employee contributions, joint employee and employer contributions or salary sacrifice, allowing pre-tax capital growth for your employees.
The Umbrella Funds allow your employees access to our range of approved investment options. Each employer can choose up to 10 investment options to make available to their employees and each employee can invest in four investment options concurrently.
The Prescient Seamless Transition Offering is also available within the Umbrella Fund structure, allowing your employees a smooth and cost-effective transition into retirement with the Prescient Living Annuity.
