A 2% fee on a R5m living annuity amounts to more than R8,000 a month.

The fees one pays on savings products can be the difference between having sufficient finances at retirement or not, with high fees being systemic across the life insurance industry, according to analysts. 

As a social media storm around a disputed payout at Old Mutual broke out last week, some users on X (formerly twitter) expressed unhappiness with the low amount paid out by retirement or education policies compared to their expectations. 

18 MARCH 2024 – 05:00 by KATHARINE CHILD