A Just Retirement for women

11 August 2016

On 9 August 1956, more than 20 000 women marched to the Union Buildings in protest against the extension of Pass Laws to women. South Africa commemorates Women's Month in August in tribute to these women and their pursuit of fairness and justice.

Of the cases we have quoted on to date, 47% were for women. Within the Just Retirement annuities that have medical underwriting as a standard feature*, the average enhancement we have given to women is 11,9%.

All our annuities, underwritten or not, give a guaranteed income for life. Women generally live longer than men**, so receiving a secure income for the rest of their lives, no matter how long they live, means peace of mind in retirement.

Case study

Meet Shirley, age 61.

Shirley is overweight and suffers from high blood pressure and cholesterol. Two years ago she had a heart attack and a single stent was inserted. She smokes approximately ten cigarettes a day.

Options selected

  • Just Retirement Enhanced With-Profit Annuity
  • Single life
  • PRI of 3.5%
  • No Guarantee Period.

With a purchase price of R1 million we calculated a starting annuity of R6 023.74. After receiving this initial quotation, Shirley elected to provide us with her health and lifestyle information via our 20-minute underwriting phone call. This resulted in us being able to offer her an enhanced starting annuity of R8 016.52, which is 24.85% higher than the previous value.

If Shirley had chosen a living annuity, her drawdown rate would need to be 9,6% to match the income given by the Just Retirement Enhanced With-Profit Annuity – and she would have been exposed to the risk of outliving her assets. By choosing the Just Retirement Enhanced With-Profit Annuity, her income is guaranteed for life no matter what happens in investment markets, and is expected to escalate with inflation each year.

We look forward to quoting for all your female clients and giving them a fair and just retirement income.

Happy National Women’s Month!


*Just Retirement Enhanced Fixed Escalation Annuity, Just Retirement Enhanced Inflation-Linked Annuity, Just Retirement Enhanced Level Annuity

**Most recent statistics available from StatsSA (2014): Life expectancy at birth is estimated at 59,1 years for males and 63,1 years for females.

We believe everyone deserves a just retirement.