Living annuity

Can I buy a living annuity with my GEPF lump sum payout?

Peter, You cannot transfer to a retirement annuity as that would be tantamount to preserving your savings, which is not permitted once you reach normal retirement age. But a living annuity is a post-retirement product so it should be possible (it certainly is possible with private sector retirement fund lump sums). But you need to advise them before they make the payout as a living annuity can only accept transfers from a retirement fund (you cannot receive the taxed cash lump sum and then hope to re-invest in a living annuity, and get the tax back that way).

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