Long Term Savings Account

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A good start to the perfect retirement.

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A good start to the perfect retirement.

Call Me Back Call Me Back We'll call you We'll call you

A good start to the perfect retirement.

A good start to the perfect retirement. Whether retirement is around the corner or in the distant future, the Long-term savings account from Nedbank Lesotho helps you build for a future quality of life when you are no longer working.

The Long Term Savings account is a unique offering that can be used to build or enhance your pension for retirement. Your monthly savings into the account also qualifies for tax concession under the Superannuating and Life Assurance regulations per Income Tax Act 1994.

Features and Benefits

Maximize tax savings, while making a long-term investment for retirement
Interest is calculated daily at competitive rates and capitalized monthly; this means that interest is earned on interest giving you higher yields
Monthly contributions are deducted directly from source, or can be made via stop order or monthly deposit arrangements
No monthly charges on the account
Suitable for Temporary Residents who are working on contract who want to benefit on tax saving from their Gratuity
Quarterly account statements are issued to help you keep track of your investment
Funds can be transferred to another Superannuating Scheme at the end of the contract

What do you need to apply?

Valid passport or identity document (together with Residence permit for non-residents)
Proof of Residence
Proof of Income
Letter from Employer (attesting to employment conditions and showing monthly income)

Terms and Conditions

A maximum of 20% of gross income can be invested (members who are already
contributing to their company’s Pension plan or Provident Fund can take advantage provided that their total contribution to the various plans does not exceed 20% of gross salary income)
Withdrawal on the investment is only allowed on retirement

We recommend that you seek independent tax advice from your tax consultant.

Early withdrawals before retirement age will be taxed as if were additional income as regulated by the Superannuating Law of Lesotho, and subject to penalty as per the terms and conditions of the investment product. If terminated before retirement, the client has to undertake a compulsory tax assessment with the relevant tax authorities.