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Long
Term Savings |
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Overview
The Long Term Savings Account is a unique offering
from Nedbank Lesotho that can be used to build or
enhance your pension for retirement.
Your monthly savings into the Long Term Savings
Account also qualifies for tax concession under the
Superannuating and Life Assurance regulations per
Income Tax Act 1994 1.
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"can be used to build or enhance your
pension for retirement" |
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Features and Benefits
- Maximize tax savings, while making a long-term
investment for retirement.
- Interest is calculated daily at competitive rates
and capitalized monthly; this means that interest is
earned on interest giving you higher yields.
- No charges are levied on the account.
- Monthly contributions are deducted directly from
source, or can be made via stop order or monthly
deposit arrangements.
- Also suitable for Temporary Residents who are
working on contract who want to benefit on tax
saving from Gratuity.
- Quarterly account statements are issued to help
you keep track of your investment.
- Funds can be transferred to another Superannuating
Scheme at the end of the contract.
Requirements
- A maximum of 20% of gross income can be invested
(members who are already contributing to their
company’s Pension plan or Provident Fund can take
advantage provided that their total contribution to
the various plans does not exceed 20% of gross
salary income).
- Withdrawal on the investment is only allowed on
retirement*
- Valid Passport (together with Residence permit for
non residents)
- Proof of income – Payslip
- Letter from Employer (attesting to employment
conditions and showing monthly income)
- Proof of Residence – Letter from local chief or
Utility bill
To open your Long Term Savings Account, and
beginning building for your future, contact our team
of Personal Bankers on +266 22312696 or visit your
nearest branch.
*early withdrawals before retirement age will be
taxed as if were additional income as regulated by
the Superannuating Law of Lesotho, and subject to
penalty as per the terms and conditions of the
investment product. If terminated before retirement,
client has to undertake a compulsory tax assessment
with relevant tax authorities.
1 We recommend that you seek independent tax advice
from your tax consultant for tax implication of your
choice
Terms & conditions apply
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