T13 - 4 Flashcards
(4 cards)
1
Q
Define:
Retirement Annuity
A
Retirement Annuity:
Saving plan that pays out money when you retire.
2
Q
What is a Pension Fund?
A
- A pension fund is a fund where you save money that earns interest.
- This money will be paid out when you retire at the age of 55 or older.
3
Q
Name 2 financial institutions in SA that offers mainly insurance.
A
- Sanlam
- Old Mutual
4
Q
Give 4 examples of financial institutions.
A
- Banks
- Insurance companies
- Pension funds
- Investment companies
