I’m a baby boomer, and 18 month away from that magical age of 65. Through life I have been through a number of “ages” starting at the age one starts school. But unlike the other “ages” I have been preparing for this stage, and before I ask you my questions please allow me a few moments of your time so as to set the scene.

As I have said I been preparing myself for this stage of my life, and oh boy do I wish I had started earlier.

I’m initial contact with retirement was with the companies pension fund, one of the annual rumours was the pension fund only made 4% this year, no mention of inflation etc, but at that stage the company would have to pay me a pension based on my final 2 years pay and the number of years service and the pension performance was their responsibility.

Then we moved to a provident fund, where yours was yours and nobody else’s, it sounded fine, but the vast majority of employees moved to this platform without taking any professional advise. Myself included.

Now having read “how to retire right” and taking the opportunity to attend seminars I now have a 1001 questions. But you can stand down I’m only asking you 3 of them

  1. Age of retirement, I understand it to be between 55 and 70, but nowhere is 65 stated. (I’m assuming 65 was the age when the companies pensions started). My question is: – Does the company have the right to terminate my employment because I have reached my 65th year, if not I would need to inform the company of my decision to carry on working in 64 year.
  2. Retirement funds, and unit trusts, I find these Really really interesting, I wish I could have had some formal training regarding protecting and growing my assets, and as the Annuity rate are for ever diminishing, it looks as if I will be using a living annuity.
  3. Finally. The pension. Why does it take so long to have a provident fund payout finalised after finishing work, what needs to be done and how do I get the ball rolling? Can you plot out a normal cause of events for the uninitiated such as myself.

In answer to your questions

The labour legislation does not deal directly with the issue of retirement age. However, it does say that no one may be unfairly discriminated against because of their age. This means that the employer and employee must agree on a retirement age.

Read the full text here

We would strongly suggest that you contact your financial advisor regarding the various options available to you at retirement as without knowing the specifics of the funds you currently have or are invested in and your financial position it is impossible to advise.

Regarding your provident fund payout, you should contact the provident fund administrators directly for the documentation. A normal fund payout should take no longer than six weeks.