On occasion, companies downsize their workforces mainly due to economic reasons. As part of this downsizing, companies pay their retrenched employees a retrenchment package.
For those who are fortunate enough to get a new job immediately after retrenchment, the retrenchment package would be a good way to increase your investments. You could purchase a Single Premium Pure Endowment or a Single Premium Offshore Investment with the package.
If you were a member of the pension fund from your previous employer, you should consider preserving all of the money from the pension fund. You could invest the money into a Single Premium Retirement Annuity or pay it as a lump sum into an existing Retirement Annuity policy.
You should also contact us immediately for advice on what to do with your existing policies so that you don’t lose the benefits from these policies.