Retirement Contribution Changes – Customer Guidance
Overview
Customers with a Sanlam Retirement Annuity can adjust their monthly contribution amount to better align with their financial goals, life changes, or long-term retirement planning.
Contribution changes are a common and flexible feature of retirement products.
Can a customer increase their monthly contribution?
Yes.
Customers can increase their monthly contribution at any time, subject to policy terms.
Increasing contributions can help grow the long-term value of the retirement fund through additional investment and compounding over time.
What are the benefits of increasing contributions?
Increasing a monthly contribution may:
- Improve the projected future value of the policy
- Help close retirement savings gaps
- Take advantage of long-term investment growth
- Potentially provide tax-efficient retirement savings (where applicable)
When does a contribution change take effect?
Contribution changes typically take effect:
- From the next billing cycle, or
- Within a short processing period after the request is submitted
The exact timing may depend on the policy and payment method.
Can the customer change their contribution again later?
Yes.
Contribution amounts are flexible and can be reviewed and adjusted in the future.
Customers can:
- Increase contributions
- Reduce contributions
- Pause contributions (depending on policy terms)
Does increasing contributions affect existing policy value?
No.
The current policy value remains unchanged.
Increasing contributions impacts:
- Future payments into the policy
- The projected future value of the investment
Are there limits or considerations?
Yes, depending on the product:
- Minimum and maximum contribution thresholds may apply
- Changes must comply with policy rules
- Affordability should be considered before increasing contributions
Advisor Support
An advisor can:
- Explain the impact of contribution changes
- Confirm eligibility and timing
- Submit the contribution update request
- Provide guidance on long-term planning