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A new approach to living annuities

One of the biggest risks pensioners face is running out of money.  A lack of retirement savings and depressed investment markets have left many pensioners and financial advisors anxious about the future. 

Q: How should pensioners invest their capital and what level of income can they afford to draw? What exposure to offshore equities should be considered and what is the significance of volatility on ensuring a comfortable retirement?

Investec Asset Management's in-house research introduced some new ways to approach this age-old problem.


‘Watch Jaco van Tonder outline our findings and present a new approach to living annuities.’

How should investors approach living annuities?

In the following series of articles we unpack the living annuity conundrum, looking at the unique investment case pensioners face and how, through our research, we believe these needs can be addressed.

Why volatility matters for living annuity investors

The value of active management and the impact of volatility on income.

Read more

Why a flexible income strategy

Choosing the right level of income annually represents a unique opportunity for investors to manage their risk of ruin.

Read more

The importance of growth assets

Finding the right balance between volatility and growth is crucial. Find out how with us.

Coming soon

An active solution

The combination of strong long-term real returns together with lower portfolio volatility can make a significant difference to income-producing portfolios.


Coming soon

Typical situation facing advisors and pensioners today


Many investors simply haven't saved enough to begin comfortably drawing an income of less than 5%.

Some pensioners are drawing an unsustainable level of income and risk running out of money.

Pensioners face a unique investment challenge, balancing long-term income and growth needs.

Ask us a question

Got a question on the research? We’d love to hear from you. Submit your question below and one of our client managers will be in touch.

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Important information

Collective investment schemes (CIS) are traded at ruling prices and can engage in borrowing, up to 10% of portfolio net asset value to bridge insufficient liquidity, and scrip lending. A schedule of charges, fees and advisor fees is available on request from the Manager, Investec Fund Managers SA (RF) (Pty) Ltd which is registered under the CIS Control Act. Additional advisor fees may be paid and if so, are subject to the relevant FAIS disclosure requirements. CISs are generally medium to long-term investments and the manager gives no guarantee with respect to the capital or the return of the Fund. Performance shown is that of the Fund and individual investor performance may differ as a result of initial fees, actual investment date, date of any subsequent reinvestment and any dividend withholding tax and past performance is not necessarily a guide to the future. Performance figures above are based on lump sum investments, using NAV to NAV figures net of fees with gross income reinvested, in South African Rands. Different classes of units apply to the Fund and the information presented is for the most expensive class. Fund valuations and transaction cut-off time are 16h00 SA time each business day. This portfolio may be closed in order to be managed in accordance with the mandate. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. A higher Total Expense Ratio (TER) does not necessarily imply a poor return, nor does a low TER imply a good return. Where portfolios invest in the participatory interests of foreign collective investment schemes, these may levy additional charges which are included in the relevant TER. The ratio does not include transaction costs. The current TER cannot be regarded as an indication of the future TERs. Fund prices are published each business day in selected media. Additional information on the Fund may be obtained, free of charge, atwww.investecassetmanagement.com. The Manager, PO Box 1655, Cape Town, 8000, Tel: 0860 500 100.Investec Asset Management (Pty) Ltd (Investec) is a member of the Association for Savings and Investment SA (ASISA). The scheme trustee is FirstRand Bank Limited, PO Box 7713, Johannesburg, 2000,Tel: (011) 282 1808. All information provided is product related, and is not intended to address the circumstances of any Financial Service Provider’s (FSP) clients. In terms of the Financial Advisory and Intermediary Services Act, FSPs should not provide advice to investors without appropriate risk analysis and after a thorough examination of a particular client’s financial situation.

Investec Asset Management (Pty) Limited is an authorised financial services provider.