Liberty’s refresher on important regulatory updates for financial advisers and related FSPs 7 May 2021 The annuitisation of provident funds Prior to T-Day, members of provident funds and provident preservation funds were entitled to take the full value of their benefits as taxable cash lump sums at retirement. Members of pension funds, pension preservation funds and retirement annuity funds on the other hand, have been required to annuitise a portion of their benefits at retirement. This means that they must take a portion of their retirement fund benefits as an annuity income at retirement. From T-Day, members of provident funds and provident preservation funds are also required to annuitise a portion of their benefits at retirement.