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Tax in retirement benefit schemes

Retirement benefits schemes are very efficient tax savings vehicles that allow tax free accumulation of members’ benefits. Simply put, contributions made to a registered retirement arrangement are exempt from pay-as-you-earn (PAYE) tax. The investment income earned by the fund is also tax exempt.

These tax incentives are meant to encourage members to save more for their retirement as well as discourage early access of benefits before reaching retirement age.

Tax in retirement benefit schemes Retirement benefits schemes are very efficient tax savings vehicles that allow tax free accumulation of members’ benefits.