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10X Retirement Annuity
Type of RA: 10X offers only the new-generation (unitised) RA.
Investment strategy: The 10X RA offers just one optimal portfolio. This portfolio is fully diversified across asset classes, securities, countries and currencies and adjusts automatically to your age and investment time horizon. 10X uses index funds.
Fund performance: the 10X High Equity Fund, owned by more than 90% of 10X investors, returned 12,3% pa for the five years ended 31 May 2017, after fees (assuming a 1,04% pa fee).
Fees: The 10X RA charges just one investment management fee. The maximum investment fee is 1,04%. The TER (total expense ratio), which includes trading costs is 1,20%. The 10X reported returns are net of these trading costs. The investment fee drops to 0,8% pa on amounts above R1m and to 0,57% pa on amounts above R5m. 10X does not charge admin, initial, exit or performance fees.
Advisor: You have the option to invest directly online, or you can engage an adviser. You can negotiate a maximum advisor fee up to 1,14% pa.
Contributions: The minimum contribution (monthly or ad hoc) is R1,000, and the minimum lump sum investment is R12,000.
Variation charges: none.
Type of RA: Liberty Life offers a range of individual RAs including the Evolve RA, the Agile RA and the RA Builder. They all have different features and investment options.
Investment strategy: With the Liberty RA Builder, you can select up to seven investment portfolios, with optional performance guarantees, in accordance with your individually identified risk profile. The Liberty Evolve RA allows you to invest your money across different investment managers with Liberty Multi-Manager Invest. With the Liberty Agile RA, your contributions are split between the Exact Income Fund (which will guarantee a certain retirement income according to your contributions) and other investment portfolios. You can choose from more than 100 investment portfolios from 15 local asset management companies.
Fees: The Liberty Retirement Annuity Builder charges product and portfolio management fees, guarantee fees, where applicable, and advisory fees payable, based on agreements with your financial adviser. With the Liberty Evolve Retirement Annuity you pay a platform fee, portfolio fee, guarantee fees (if applicable) and ongoing advice fees. But you don’t pay set-up costs or initial advice fees until you earn more than 14% per annum. On the Liberty Agile Retirement Annuity, the Exact Income Fund has no platform or portfolio fees. However, your investment in other portfolios will charge a platform fee of 0.3% per annum and the applicable portfolio management fee.
Advisor: You need to engage an advisor for the RA Builder and Evolve RA.
Contributions: The minimum contribution (monthly of ad hoc) for the Agile RA is R500, and the minimum lump sum investment is R10,000.
Variation charges: None with the Agile RA.
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