You have the flexibility to choose the annual income your living annuity will pay, between 2.5% and 17.5% of your remaining capital at your policy anniversary date. These regulatory income limits are based on current legislation and may change if regulation is amended.
You can choose to receive your income either monthly, quarterly, semi-annually or annually. All income is paid in advance, other than monthly income payments, which are paid in arrears. The 10X Living Annuity pays income on the 25th of the month. Your annuity income will be paid into a South African bank account, in rand.
You must select your annuity income and payment frequency on initial transfer to the 10X living annuity date. You may change this at every anniversary date. If the transfer was from another living annuity, the annuity income and payment frequency will be the same as before the transfer until the next anniversary when you may change it.
If you do not instruct 10X of any change to your annuity income and payment frequency, your previous drawdown rate will apply.