On 1 August 2019, the Financial Sector Conduct Authority (FSCA) issued an exemption that allows retirement funds, as part of their annuity strategy, to offer members the option of a hybrid or blended annuity as part of their retirement planning.
In terms of the exemption, a hybrid annuity allows members to include a life annuity as one of the investment portfolios within a living annuity.
The exemption results in several positive outcomes for both trustees and members of retirement funds.
Read the full summary from our legal team.
