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30-06-2018 - Paramount Life Update

Paramount Life launched South Africa's first lifetime guaranteed Enhanced Annuity over 8 years ago. Our Enhanced Annuity has been well received by customers and there is little doubt that there is demand for properly designed annuities that enhance and simplify the provision of retirement income.

Paramount Life anticipated legislation that would, on an ongoing basis, be conducive to the provision of cost effective retirement income. As a direct result of changes in legislation, our ability to continue to provide new annuities at competitive rates has proved challenging.

We have therefore made the difficult decision to stop selling new annuities effective 30 June 2018.

The above decision will have no impact on Paramount Life annuities already in issue. These annuities will continue on a business-as-usual basis and annuitants will continue to receive their income in accordance with their policy terms and conditions. Existing annuitants are welcome to continue to make contact with Paramount Life as they have in the past. All Paramount Life annuities continue to be underwritten, and therefore guaranteed,  by Guardrisk Life a subsidiary of MMI - one of South Africa’s largest insurance companies. Existing Annuitants therefore have nothing to be concerned about - nothing will change.

We sincerely thank all stakeholders for their support to date and commit to fulfilling our existing obligations to our annuitants.

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Paramount Life is an authorised financial services provider and is underwritten by Guardrisk Life Limited.