Saturday Star

I want to transfer my RA savings

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I took out a Liberty Active Annuity Fund policy in 2006. The initial premium was R300, increasing by 10% annually. In 2008, I was retrenched. I was over-indebted and had no income, so I stopped paying the premiums. The policy is dormant. It had a value of just over R10 000 at the end of February. I am now employed and want to invest in a retirement annuity (RA) from a different provider.

Am I allowed to ask Liberty to transfer the money in the dormant RA to the new RA, or can the Liberty RA be cashed out only when I retire? Freddy Masondo

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