Pension Plan: Eligibility & underwriting

Eligibility and underwriting decide whether you are offered cover and at what price. Here is what to expect.

Entry ages typically start from around 18 or 25 and extend into the 60s. Vesting (payout start) ages commonly range from 40 to 80 depending on the product.

Annuity rates depend on the insurer’s pricing at the time you buy, your age and the option chosen; a rate shown today for a future purchase is not necessarily guaranteed.

NPS exit and annuity requirements are set by the pension regulator and have been revised from time to time; confirm the current rules before deciding.

Annuity income is generally taxable as income in the year received. Check the current treatment for your situation.