DONT BUY A LIBERTY LIFE LIVING ANNUITY

I invested my savings in a Liberty Life Living Annuity. They are paying me back over 5 years. Although I invested CAPITAL for Capital Growth, this has turned into a "pension" and SARS is taking off a huge amount every year, MAINY Capital. So investing in a "living annuity" actually means, donate your hard earned CAPITAL , on which you have already paid tax, to SARS every year for 5 years, thanks to Liberty Life. Every year I have my CAPITAL taken by SARS as tax. Liberty and my auditor are fine with this. The interest on the investment is not enough to pay the tax and the WHOLE ANNUAL repayment of CAPITAL is therefore taxed as a PENSION payment at the maximum tax rate.