Retirement Funds

Because employees may be living longer, encouraging the right retirement savings behaviours can dramatically reduce their retirement savings gap. That’s why Discovery Retirement Funds* drive positive savings behaviour by motivating employees to save more, save for longer, and manage their finances. Discovery is then able to reward their behaviour by adding boosts to their savings, further helping them to close their retirement savings gap. 

Discovery’s solutions can be tailored to the unique needs of a business. The employer can choose between a standard or customised package and employees make their own choices about retirement contributions and investment portfolios. 

Powerful behavioural incentives 

Discovery boosts the retirement savings employees transfer into the Fund by up to 15% to encourage them to stay invested and consolidate their savings when they join or leave the Fund. 

Discovery also boosts contributions by up to 15%, including additional voluntary contributions that employees make to the Fund each month. The boost is related to employees’ engagement in the various Vitality programmes and meeting their Active Rewards goals. 

Discovery’s payback from risk premiums, which can be up to 15%, reward employees for improving their health. To help employees accumulate the extra retirement savings, Discovery doubles the payback amount that they reinvest into the Fund. 

The Discovery Living Annuity gives employees the flexibility to manage their income withdrawals (drawdowns) according to their individual circumstances, while giving an immediate income boost of up to 50% for responsible withdrawal levels and healthy living.