Inkundla Forums Inkundla NetWorK Ezenotho loMhlaba Need advice on pension and/or disability cover.

Ncedani bakhithi.

A few months ago, I changed jobs and left a very big organisation where we had everything from medical aid, pension and car allowance and joined smaller organisation. The company I'm working for just removes tax from my salary and gives me the rest. I don't have pension, life cover or anything of that sort. I know this may look like an ill-advised move but this job pays more and we get lots of incentives and bonuses. I have already done a few things I didn't think I could manage in a short space of time. I also learn a lot and there's huge opportunities for growth internally, in a very exciting and challenging environment.

My problem's now I need to make sure I put the money to good use.

The first thing I need advice on: Is it necessary that I put aside money for pension? Is it not enough to put aside money into Unit trusts or similar? What would be the best approach to having a pension policy?

Secondly, someone told me I needed to get disability cover in case I got involved in an accident or illness etc.

Thirdly I want to know if it's really necessary that I get life cover and if so how I could calculate how much I need. Do my dependents (abazali at the moment) get my pension money in the event of my dead? If so then should I have both life cover and pension considering that these do not actually grow me wealth I can spend in the foreseeable future.

I have already sorted out medical aid and also put aside imadlana per month kumaUnit Trusts. Should I rather forget the other stuff and just increase the money I invest in unit trusts? How about the liquidity of unit trusts, I could get tempted to blow it all on a holiday with a Xhosa chick

I'm a risk taker, so while I'm trying to prepare for uncertainties, I'd rather put more effort in trying to grow wealth.

dlala amakhasi, lamadayiza, ubheje lo fejafeja, then itshintshi ungithumele.

Ngiyadlala mnewethu, bakhona abalolwazi ezemalini bazakusiza.

Amakhasi lamadayiza ngiyadlala njalo ngayawina, sengize ngicabanga ukutshiya umsebenzi. But all the same, it's excellent advise

Mbulawa,

Kasazi kumbe when you add up the incentives you get and higher pay in your job it amounts to more that the money you parted with to take of the cover and pensions?

It is almost always the case when some company appears to pay more and offers incentives, bonuses and "free lunch" that they will not be participating in insurance and pension for their emplyees.

Since your only option is to go private, it is a must that you take up private pension. A good pension should also include something that resembles life cover and your advisor should tell you what sort of pension o go for. It all depends where on earth you are and where the insurers invest your cash.

In my part of the world accidental cover is not very expensive, so why not? Go for it.

As for your parents and relatives getting your pension money, I believe you could write a will. Otherwise some pension schemes will give you a form to nominate beneficiaries to your pension.

Don't only think of yourself. If both life cover and pension can pay out a lumpsum in the event of your death, there is nothing wrong with leaving your family in a better financial position.

Yikho abelungu abasitshiya khona, badla ama life insurance oyisemkhulu!

Where there is a will there is a way.

Police have charged a canoeist, who was presumed drowned in 2002 but reappeared this month, with two offences.
John Darwin, 57, vanished from the Hartlepool area in March 2002, but walked into a police station on 1 December, claiming amnesia.

He was charged with obtaining a money transfer by deception and making an untrue statement to obtain a passport.

Cleveland police said he will remain in custody until he appears at Hartlepool Magistrates' Court on Monday.

Appeal to wife

Mr Darwin was declared dead by the Hartlepool coroner in 2003.

Detective Sergeant Iain Henderson said Mr Darwin was "fit and well" in custody on Saturday night.

He said police would apply to the court to continue to hold Mr Darwin.

Police also want to speak to his wife Anne, 55.

Det Sgt Henderson said police did not know when she intends to return to the UK.

The couple were photographed in Panama last year

Speaking at a press conference, he said: "We would ask Mrs Darwin, if she's watching this, to make contact with the police and to approach us at the earliest opportunity so we can speak to her.

"Cleveland Police will be making enquiries to trace her and speak to her regarding the investigation."

Mrs Darwin recently moved to Panama, having sold the family home in Seaton Carew. A photo showed the couple together in Panama last year, but has not been independently verified.

She is currently thought to be in Miami but is expected to return to the UK this weekend.

Their sons Anthony and Mark earlier released a statement, saying they had been through a "rollercoaster of emotions" after finding out their father was alive.