Retirement and wealth
Compare Living Annuities in South Africa
A living annuity pays you an income from retirement capital that stays invested. You choose a drawdown within the rules. If the investments fall, or the drawdown is high, the income and the capital can both shrink. Nothing here promises that the income will last for life.
Retirement investments can rise or fall in value. Fees, tax treatment and withdrawal rights depend on the product, the fund rules and the legislation. Information checked 28 October 2026.
Before you compare
- For a living annuity concluded on or after 21 February 2007, Government Notice 290 of 11 March 2009 sets the annual drawdown at 2.5% to 17.5% of the assets. A contract concluded earlier can follow a different band. Product rules can be narrower. The range is not a recommended income.
- Coronation and Sygnia each have a R100 000 minimum in the published notes. The other minimums were not verified.
- Liberty has no living annuity row in this file, so none is shown.
Compare providers
6 products on this page. The provider name links to the WiT Money profile. The gold button opens the recorded website. It is not an application.
6 of 6 products, in name order. A minimum that was not checked stays in the list. It is not treated as zero, and nothing is sorted by fee.
- 10X Investments. No official logo is shown.
10X Investments — Living Annuity
Provider / investment platform
Post-retirement investment-linked income, usually 2.5%-17.5% annual drawdown
- Starting capital
- Confirm the current minimum with the provider.
- Costs
- Full costs depend on the selected funds, the amount and any advice. Review the current disclosure.
- Income
- Income drawdown; cash withdrawal and commutation subject to restrictions
Confirm whether monthly contributions, lump sums or transfers are available.
Advantages
- Transparent published investment approach
- online access
Considerations
- Investment risk
- published fees vary by fund, balance and promotion
Not guaranteed; market and longevity risk Not applicable — investment returns not guaranteed
Notes checked 28 October 2026. Confirm the current minimum, fees and fund rules with the provider. No FSCA registration is shown as confirmed on this card.
Allan Gray — Living Annuity
Provider / investment platform
Post-retirement investment-linked income, usually 2.5%-17.5% annual drawdown
- Starting capital
- Confirm the current minimum with the provider.
- Costs
- Full costs depend on the selected funds, the amount and any advice. Review the current disclosure.
- Income
- Income drawdown; cash withdrawal and commutation subject to restrictions
Confirm whether monthly contributions, lump sums or transfers are available.
Advantages
- Investment choice
- established SA manager
Considerations
- All-in cost depends on selected investments and adviser
- access restrictions
Not guaranteed; market and longevity risk Not applicable — investment returns not guaranteed
Notes checked 28 October 2026. Confirm the current minimum, fees and fund rules with the provider. No FSCA registration is shown as confirmed on this card.
Coronation — Living Annuity
Provider / investment platform
Post-retirement investment-linked income, usually 2.5%-17.5% annual drawdown
- Starting capital
- R100 000. R100,000 (official living annuity page)
- Costs
- Full costs depend on the selected funds, the amount and any advice. Review the current disclosure.
- Income
- Income drawdown; cash withdrawal and commutation subject to restrictions
Confirm whether monthly contributions, lump sums or transfers are available.
Advantages
- No initial/account/admin fees on selected products
- fund options
Considerations
- Underlying fund fees
- unit trust selection and retirement restrictions
Not guaranteed; market and longevity risk Not applicable — investment returns not guaranteed
Notes checked 28 October 2026. Confirm the current minimum, fees and fund rules with the provider. No FSCA registration is shown as confirmed on this card.
Discovery Invest — Living Annuity
Provider / investment platform
Post-retirement investment-linked income, usually 2.5%-17.5% annual drawdown
- Starting capital
- Confirm the current minimum with the provider.
- Costs
- Full costs depend on the selected funds, the amount and any advice. Review the current disclosure.
- Income
- Income drawdown; cash withdrawal and commutation subject to restrictions
Confirm whether monthly contributions, lump sums or transfers are available.
Advantages
- Wide retirement and income solutions
- additional conditional benefits
Considerations
- Complex product benefits/qualifications
- confirm layered charges
Not guaranteed; market and longevity risk Not applicable — investment returns not guaranteed
Notes checked 28 October 2026. Confirm the current minimum, fees and fund rules with the provider. No FSCA registration is shown as confirmed on this card.
- Momentum. No official logo is shown.
Momentum — Living Annuity
Provider / investment platform
Post-retirement investment-linked income, usually 2.5%-17.5% annual drawdown
- Starting capital
- Confirm the current minimum with the provider.
- Costs
- Full costs depend on the selected funds, the amount and any advice. Review the current disclosure.
- Income
- Income drawdown; cash withdrawal and commutation subject to restrictions
Confirm whether monthly contributions, lump sums or transfers are available.
Advantages
- Advice-led fund/income options
- broad selection
Considerations
- Layered fees and conditions
- some products require advice
Not guaranteed; market and longevity risk Not applicable — investment returns not guaranteed
Notes checked 28 October 2026. Confirm the current minimum, fees and fund rules with the provider. No FSCA registration is shown as confirmed on this card.
- Sygnia. No official logo is shown.
Sygnia — Living Annuity
Provider / investment platform
Post-retirement investment-linked income, usually 2.5%-17.5% annual drawdown
- Starting capital
- R100 000. R100,000 (published product term sheet)
- Costs
- Full costs depend on the selected funds, the amount and any advice. Review the current disclosure.
- Income
- Income drawdown; cash withdrawal and commutation subject to restrictions
Confirm whether monthly contributions, lump sums or transfers are available.
Advantages
- Range including index funds
- investor choice
Considerations
- Fees differ by underlying investments
- market volatility
- product rules
Not guaranteed; market and longevity risk Not applicable — investment returns not guaranteed
Notes checked 28 October 2026. Confirm the current minimum, fees and fund rules with the provider. No FSCA registration is shown as confirmed on this card.
Compare selected products
Choose up to three on this page. Costs are not added into one Effective Annual Cost, and nothing is ranked.
No products selected.
Not shown as a current product
These names stay off the comparison until the product documents are checked. No fee or minimum is shown for them.
Old Mutual — Living Annuity
Specific offerings, rates and fees are not published until official product documents are checked.
Sanlam — Living Annuity
Specific offerings, rates and fees are not published until official product documents are checked.
Estimate a drawdown
Living annuity drawdown calculator. Growth in that sketch is the rate you type. It is not a guarantee.
How this works
Income is not a salary
The provider pays a percentage of the invested capital. You can usually change the percentage on the product's anniversary, inside the legal band. A higher percentage pays more now and can exhaust the capital sooner.
Markets do not move in a straight line
The calculator uses one growth rate every year so you can see the arithmetic. A bad year early in retirement can do more damage than that smooth line suggests. That is sequence-of-returns risk.
A guaranteed annuity is different
A life annuity from an insurer can promise an income for life, on its own contract. A living annuity does not. This page does not compare the two as if they were the same product.
Costs
A retirement product can charge for administration, for the underlying investment, and for advice. An Effective Annual Cost depends on the amount, the term and the funds chosen. Those disclosure documents are not reproduced here, so this page does not invent an EAC or add a fund fee on top of one. Where the card asks you to review the current disclosure, that is the whole cost position.
Tax, in outline
For the 2027 year of assessment, the contribution deduction used on this site is 27.500000000000004% of the relevant income, capped at R430 000. That cap is not an automatic deduction. A savings-component withdrawal, another fund withdrawal, a retirement lump sum and income from a living annuity follow different SARS rules. A savings-component withdrawal is not tax-free. This page does not run one tax table across all of them.
Questions
Questions readers ask
Is 2.5% to 17.5% a recommended drawdown?
No. It is the statutory range for a living annuity concluded on or after 21 February 2007. The right percentage depends on your capital, your other income and how long the money needs to last. WiT Money does not pick one.
Can the income be guaranteed?
Not by the product type. The investments can fall. Fees reduce what is left. A card that cannot show an EAC says so, rather than implying the product is free.
What happens to the capital when I die?
Beneficiaries are dealt with in the product rules. The published notes do not give one rule for every provider, so none is invented.
Related
Sources
Page updated 28 October 2026. A source date is the day WiT Money checked that page, not a promise the institution has not changed it since.
- Budget 2026 tax guide
South African Revenue Service · checked 28 October 2026
- Financial Sector Conduct Authority
Financial Sector Conduct Authority · checked 28 October 2026
- Rates of tax for individuals
South African Revenue Service · checked 28 October 2026