A good start to the perfect retirement. Whether retirement is around the corner or in the distant future, the Long-term savings account from Nedbank Lesotho helps you build for a future quality of life when you are no longer working.
The Long Term Savings account is a unique offering that can be used to build or enhance your pension for retirement. Your monthly savings into the account also qualifies for tax concession under the Superannuating and Life Assurance regulations per Income Tax Act 1994.
We recommend that you seek independent tax advice from your tax consultant.
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, the client has to undertake a compulsory tax assessment with the relevant tax authorities.