INSURER Discovery has extended its wellness programme Vitality to its retirement offering, rewarding healthy pensioners by boosting their retirement savings. It is part of Discovery Invest’s strategy to attract retirement savings.
Kenny Rabson, CEO of Discovery Invest, said pensioners who took an annuity with the company and did not withdraw their principal amounts aggressively would also be rewarded.
"The healthier you are, the more boost you get. If you take less per annum out of your principal amount, the more we are going to boost your money," he said.
The innovation would reduce the chances of a client drawing down their retirement and running their savings down.
The innovation by Discovery Invest in the retirement space could also be seen as a strategy to have more funds under management. With more funds under management, Discovery Invest has a chance of generating more fees.
Discovery Invest had about R57bn in assets under management, Mr Rabson said.
There were also opportunities to start attracting funds from institutional investors. He said Discovery Invest was currently selling only to retail investors.
Last month, Discovery CEO Adrian Gore said there was an opportunity for Discovery Invest to enter the umbrella funds and asset management markets. Discovery uses Investec Asset Management for asset-management capability.
PLANS: Adrian Gore, CEO of Discovery at the results presentation at the Wanderers Club in Johannesburg. Picture: RUSSELL ROBERTS
INSURER Discovery has extended its wellness programme Vitality to its retirement offering, rewarding healthy pensioners by boosting their retirement savings. It is part of Discovery Invest’s strategy to attract retirement savings.
Kenny Rabson, CEO of Discovery Invest, said pensioners who took an annuity with the company and did not withdraw their principal amounts aggressively would also be rewarded.
"The healthier you are, the more boost you get. If you take less per annum out of your principal amount, the more we are going to boost your money," he said.
The innovation would reduce the chances of a client drawing down their retirement and running their savings down.
The innovation by Discovery Invest in the retirement space could also be seen as a strategy to have more funds under management. With more funds under management, Discovery Invest has a chance of generating more fees.
Discovery Invest had about R57bn in assets under management, Mr Rabson said.
There were also opportunities to start attracting funds from institutional investors. He said Discovery Invest was currently selling only to retail investors.
Last month, Discovery CEO Adrian Gore said there was an opportunity for Discovery Invest to enter the umbrella funds and asset management markets. Discovery uses Investec Asset Management for asset-management capability.
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