1. Which statement is not true about a retirement fund:

Retirement fund are governed by a board of trustees.

Retirement funds must be registered with the Financial Sector Conduct Authority and with the South African Revenue Service.

Retirement funds can be controlled by your employer.

The rules of a retirement fund are binding on trustees and members.

2. Which of the following statements is correct.

Your contributions to a retirement annuity are tax free.

Your contributions to a provident fund are tax deductible up to certain limits.

Your contributions to a retirement fund are limited to 27.5% of your income.

Your contributions in a retirement fund can grow tax-free up to certain limits.

3. If you die before retirement, your retirement savings will be:

Distributed to other members of the fund.

Given to the people who most need the money in your family.

Distributed however the trustees your fund think best.

Distributed to your dependants and any one else you nominate equitably and fairly as determined by the trustees of your fund.

4. Which statement is true?

You should always withdraw as much as you can from you retirement fund when you leave a job.

You should always withdraw the tax-free amount from a retirement fund when you leave a job.

You should try to never withdraw your savings from a retirement fund when you leave a job.

If your retirement savings are low, they are not worth preserving when you leave a job.