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1 momentum capital protector annuity technical investment guide wealth

2 Annuities create financial wellness by protecting your income against market fluctuations and making sure that you have an income for as long as you need it. Our wide range of annuities can satisfy any income need you may have.

3 In this document we deal with one type of traditional annuity, called Capital Protector. The Capital Protector pays you an income for the rest of your life. In addition, it also makes sure that your loved ones are taken care of when you die. It does this by paying a death benefit equal to your original investment amount to your nominated beneficiaries or estate. You should consider a Capital Protector if you: You should discuss other investment options with your financial adviser if you: need a guaranteed regular income for life, want a lump-sum amount paid to your beneficiaries when you die, want to make sure that you do not outlive your savings, do not want the stress of making ongoing investment decisions that put your income at risk, want an income that never reduces, and/or are healthy. do not need to provide for your dependents when you die, must retire from your pension or provident fund but do not need an income straightaway, want to make investment decisions about how to invest for an income and are prepared to take the risk that goes with this, do not need a guaranteed income for life, want the flexibility to change the income you get on an annual basis, and/or are in poor health and do not expect to enjoy a long retirement. The rest of this document will explain: How does it work The benefits of investing Options available on the Capital Protector What risks there are when you invest How do you invest Answers to questions you may have about this investment wealth capital protector annuity technical investment guide 2014 Page 3 of 12

4 How does it work? The Capital Protector combines a traditional life annuity with a life insurance policy. The life annuity will provide an income for the rest of your life, and the life insurance policy will pay a death benefit when you die. The premium for the life insurance policy will be taken from your life annuity income. When you die, the income from your life annuity will stop, and the death benefit will be paid to your estate or nominated beneficiaries. Investor Lump-sum investment Annuity Life insurance policy Income Premium Life insurance policy premium deducted from the income Whole-life insurance policy Income received by annuitant Death of insured life Death of annuitant Death benefit paid to beneficiaries Income stop What are the benefits of investing? Guaranteed income for life You cannot outlive your income because we guarantee that we will pay you an income for as long as you live. You can leave an inheritance to your dependants when you die When you die, the life insurance policy will pay out a death benefit to your beneficiaries or estate. We do not consider your medical history when we issue the life insurance policy The life insurance policy is issued without sending you for medicals or asking you for your medical history. Takes the guesswork out of investing for an income You do not have to decide which assets you must invest in to produce an income that will last for as long as you live. You also do not have to worry that market fluctuations may affect your income. Increasing investment charges will not affect the income we pay you in the future We calculate the total cost of your annuity at the start of the investment. This cost is taken into account when we calculate the income we will pay you for the rest of your life. This means that your income cannot decrease because of increasing investment charges. Page 4 of 12 wealth capital protector annuity technical investment guide 2014

5 Options available on the Capital Protector This section provides an overview of the options available on the Capital Protector. Important: The options you choose will affect the income we pay you. You cannot change the type of annuity, income structure, timing of the income or guarantee term after the investment is placed with us. Therefore, it is very important to carefully consider the options available to you when you invest. Please discuss this with your financial adviser. Annuity type For the life annuity portion of the investment, you can choose between a single-life annuity and joint-life annuity. Single-life annuity Joint-life annuity You are the first and only life insured. We will pay you an income for as long as live. The income will stop when you die. If you are considering this option and you have dependents, please discuss this with your financial adviser before you invest. A joint-life annuity allows you to add a second life insured, e.g. your spouse. The second life insured will continue to receive the income when the first insured life dies. We will continue to pay 100% of the income when one of the insured lives dies. Life insurance policy The death benefit on the life insurance policy will be equal to your initial investment amount. The premium for the life insurance policy is guaranteed for a certain period and will be reviewed thereafter. The premium guarantee period is determined by Momentum and depends on the age of the insured lives at the start of the policy. Any change in the life insurance premium at the end of the premium guarantee term will affect your annuity income. If premiums increase at the premium review, you may choose to lower the death benefit on the life insurance policy to keep your income the same. Income structure Income guarantee term The guaranteed income payment term option is not available on the Capital Protector. The income will stop when the life(s) insured die. 1. Level income (no increase) Your income payments will not increase over your lifetime. This option pays a higher initial income than an income that increases. However, as the prices of goods and services increase over time (inflation), you will find that your level income will buy fewer goods and services every year. You should consider a level income if you: need a higher initial income than available under the increasing annuity options, are more concerned about your income needs in early years, and do not expect to rely only on this income in later years, are less concerned about the need to reduce your expenditure in future years, e.g. if you have or expect to have another source of income available to help cover your living expenses, or plan to increase your income yourself, e.g. by buying a second annuity in future. Income increases You can choose a level income or an income that increases every year. The following four options are available: wealth capital protector annuity technical investment guide 2014 Page 5 of 12

6 2. Fixed percentage increase You can choose to increase your income every year by up to 15%. An income that increases by a fixed percentage every year will give you a lower initial income than a level income. However, your income will have a better chance of keeping up with inflation, thus lowering the need for you to lower your expenses in the future. Keep in mind that the percentage you choose your income to increase with might be lower or higher than the increases in inflation. Therefore, there is still a risk that your income might not increase enough to keep up with the increase in prices of goods and services (inflation). You should consider a fixed percentage increase if: you are willing to accept a lower initial income compared to the level income annuity (or if you are able to pay more for the same initial income), or you want some protection against inflation, but are comfortable that the increase may be greater or less than inflation each year and over time. Here is an example of how your income, when linked to a fixed percentage increase, will increase: Let us assume that your initial income is R1000 with an annual income increase of 5%. In year two your income will increase to R1050 and in year 3 your income will increase to R Inflation linked increase You can choose to increase your income every year by the same percentage as inflation. The initial income on an inflation linked annuity will be lower than that from a level annuity. It may also be less than the income you will receive on an annuity that increases by a fixed percentage, depending on the increase you choose. You should consider an inflation linked annuity if: You are willing to accept a lower initial income than a level income or are able to pay more to get the same initial income, You want to protect your income against the effects of inflation i.e. you want to be able to buy the same amount of goods and services in future years, as you do today, or You do not have access to another income and therefore you need to make sure that you can maintain your living standard on this income. Here is an example of how your income, when linked to inflation, will increase: Let us assume that your initial income is R1000 and the published CPI figure is 5% in year one and 3% in year two. R1000 would increase to R1050 in year two and R in year three. R R R1050 R1050 R1000 R1000 Year 1 Year 2 Year 3 Year 1 Year 2 Year 2: R (5% X R1000) = R1050 Year 3: R (5% X R1050) = R Year 3 Year 2: R (5% X R1000) = R1050 Year 3: R (3% X R1050) = R Page 6 of 12 wealth capital protector annuity technical investment guide 2014

7 Annual CPI Inflation Rate at 31 August 2013 The inflation number (CPI) is an average percentage of the increase in prices of goods and services. The prices of goods and services you normally buy may be higher or lower than the average CPI figure (as illustrated by the chart on the left). Source: Stats SA 4. Inflation plus a fixed percentage increase You can choose to increase your income every year by inflation plus a chosen fixed percentage, e.g. CPI + 3%. You should consider an income that increases by inflation plus a fixed percentage if: You are able to accept a lower initial income or able to pay more for the same initial income as available from level and inflation linked annuities, You want the highest inflation protection available for your income, You know that the prices of the goods and services you use increase by more than the official inflation number, You are in good health and expect to enjoy a long retirement. Here is an example of how your income, when linked to inflation, will increase: Let us assume that your initial income is R1000 and you chose for your income to increase with CPI +3% every year. Inflation is 5% in year one and 3% in year two. R1000 would increase to R1080 in the second year and to R in the third year. R R1080 R1000 Year 1 Year 2 Year 3 Year 2: R (8% X R1000) = R1080 Year 3: R (6% X R1080) = R wealth capital protector annuity technical investment guide 2014 Page 7 of 12

8 As mentioned above, the different increase options will affect the initial income paid to you as well as your income in future years. The graph below explains this (this graph is purely an illustration): Annual Income Age No increase 3% increase 5% increase For a given investment amount, a higher increase percentage means that you will receive a lower income in early years but more in the future. Income payment frequency You can choose how often you want your income to be paid, e.g.: annually (every year) or monthly. You can also choose if you want the income to be paid at the beginning (in-advance) or the end (in-arrears) of the payment frequency mentioned above. Important: If you are investing using compulsory money, income payments in arrears can only be paid monthly. The minimum investment amount is R50 000, unless the investment amount is coming from a Momentum Retirement Fund. What are the risks of investing in the Capital Protector? You cannot change the type of annuity, income structure, payment frequency or guarantee term after the investment is placed. Therefore, it is very important to carefully consider the options available to you at the time you invest. The premium for the life insurance policy is reviewed at the end of the premium guarantee term. If premiums increase at the premium review, you may choose to lower the death benefit on the life insurance policy to keep your net income the same. How do I invest in the Capital Protector? Please contact your financial adviser who will help you choose the options for your Capital Protector that will best meet your financial needs. Your financial adviser will give you an annuity fee and benefit proposal (quote) that will show an income. This income is calculated taking into account your age, gender and the income options you choose. Page 8 of 12 wealth capital protector annuity technical investment guide 2014

9 Answers to questions you may have about this investment What funds can you use to invest in a life annuity? You can invest both voluntary and compulsory money. What is compulsory money? Money received from a retirement fund is seen as compulsory money. If you invest money from a retirement fund in an annuity, it will be classified as a compulsory life annuity. What is voluntary money? All other savings are seen as voluntary money. A voluntary annuity is an annuity of choice, where you invest a lump-sum amount from any source (other than a retirement fund) and from which a regular income is drawn. This classification is important as it will impact the tax treatment of your income, as well as when we can pay your income. Who are the different people involved with the investment and what roles do they play? Life insured The life(s) insured determines until when the income is paid. For example: if you have one life insured, the income payment will stop when he/she dies. If you have two lives insured, the income payments will stop when they both die. Annuitant This is the person who receives the income. Beneficiary of proceeds This person(s) will receive the death benefit when the insured lives die. Momentum will also deduct any income benefits already paid from the cool-off value. All commission, expenses and fees will be refunded. If you die during the cool-off period, your estate cannot cancel your annuity. What fees will I pay? The fees and charges for a Capital Protector are already taken into account in the annuity rate used to exchange the cash lump sum into an income, and in the premium for the whole life policy. The details of the fees and charges (including commission) will be shown on your Capital Protector fee and benefit proposal (quote) prepared for you by your financial adviser. This investment can allow a commission charge lower than the maximum commission rate prescribed by legislation. You will need to negotiate the commission charge for your Capital Protector directly with your financial adviser. How will my income be taxed? If you invest in a compulsory annuity as an individual, the income is fully taxable at your marginal tax rate. If you invest in a voluntary annuity as an individual and you qualify for Section 10A of the Income Tax Act, you will not be taxed on the capital component of the income. However, the interest component is taxed at your marginal tax rate. The taxable amount will be shown on the annuity fee and benefit proposal (quote) prepared for you by your financial adviser. We will take into account all income you receive from Momentum when we calculate the marginal tax rate we must use to tax your income. Any other sources of income outside of Momentum will be excluded from the tax calculation and you will need to declare those separately. Cool-off period You may cancel your annuity by informing Momentum in writing during the 30-day cool-off period. Your cooloff value may be equal to or less than the amount you originally invested depending on the movement in annuity rates set by Momentum every week. In addition, How is inflation calculated? Inflation linked increases use the Consumer Price Index (CPI) as published by Statistics South Africa. The CPI figure they publish has a four month lag. The yearly CPI figure we use is the one available on the increase date, which is the inflation rate for the year ending four months before. wealth capital protector annuity technical investment guide 2014 Page 9 of 12

10 Summary of rules Voluntary/Compulsory Income is paid for Investment term Single-/Joint-life Increase options Both available Lifetime Life Both available - Fixed 0% increase - Fixed percentage Up to 15% - CPI Linked Yes - CPI + percentage CPI + up to 5% - Allowable increments 0.01% - Increase date Policy anniversary - CPI Lag 4 months - Payment frequency Monthly and annually. Payment frequency for life insurance policy must be the same as the payment frequency of the income. Arrears/Advance Both 1 Minimum investment Minimum ANB (age next birthday) at entry 15 Maximum ANB (age next birthday) at entry 75 3 Minimum monthly income Minimum annual income Surrenders Loans What happens when the life(s) insured die? Alterations Backdating Cooling-off Underwriting Validity period and payment date Rates R100 R1200 No No Income stops and death benefit is paid to beneficiaries or estate No No Yes No underwriting required. Your lump-sum investment must be made on the same day as specified on fee and benefit proposal (quote). If it is not paid in the same week as when the fee and benefit proposal (quote) was drawn, the fee and benefit proposal (quote) will not be accepted. Our rates change every Monday and the fee and benefit proposal (quote) must be done on our latest fee and benefit proposal (quote) version. Notes: 1. You can only choose arrears on a compulsory annuity if your payment frequency is monthly. 2. We will accept lower investment amounts if the amount comes from a Momentum Retirement Fund. 3 Exceptions may be considered. Please ask your financial adviser to request a special quote. Page 10 of 12 wealth capital protector annuity technical investment guide 2014

11 wealth capital protector annuity technical investment guide 2014 Page 11 of 12

12 Disclaimer: The information contained in this brochure is based on Momentum s interpretation of South African legislation at the time of printing this brochure. It is published for general information purposes only and should not be relied on as financial advice specific to the reader s financial needs and objectives. While every effort has been made to ensure the accuracy of information published in this brochure, Momentum does not warrant its accuracy and takes no responsibility for any loss or damage of any nature whatsoever that may be attributable, directly or indirectly, to reliance on this information. MMI Group Limited 268 West Avenue Centurion 0157 PO Box 7400 Centurion 0046 South Africa Tel +27 (0) Fax+27 (0) Share Call Reg. No. 1904/002186/06. Momentum, a division of MMI Group Limited, an authorised financial services and credit provider.

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