We all know how important it is to have a savings plan in place for our retirement, but what happens to our retirement plans if our career paths change? Moving between jobs, or being retrenched or dismissed, usually means that the money you have saved up so far in your retirement fund becomes available to you.

If this happens, it’s vital to make good choices about what to do with that money. Taking it in cash means you have to start over with your pension savings – and it costs you a lot in tax. One of the best things you can do for your future is preserve your retirement benefit so that it keeps on growing for you to enjoy when you go on pension one day.

Old Mutual offers various solutions to help you keep your retirement plans on the right track:

Five reasons to preserve your tax benefit when you change jobs

• It’s tax effective. In fact, choosing Preserver or transferring your benefit to a preservation fund is tax free.
• It’s quick and easy – Investing in a preservation fund is simple. And if you’re a SuperFund member you virtually have to do nothing to enjoy all the benefits.
• Your money can keep on growing. Which helps you to stay on track for a great retirement.
• It gives you more options. Old Mutual’s preservation solutions let you choose how and where you want to invest your money according to your needs
• It keeps your money safe. No matter what happens to your other finances, the money you preserve is safe from creditors.