Question:
A few years ago I took out a retirement annuity with Sanlam. I want to terminate my contributions and was informed by Sanlam that I could stop contributions, but that they wont pay out my money until I retire at 55.

They will make the policy paid up and leave the money as if it is a type of savings account until I am 55 years old. I am now 38 years old. Is there any way I can get back the money I already paid before this time?

Answer:
Unfortunately not. This is a hard and fast rule. The only time they will consider a pay-out is if you emigrate. A retirement annuity is an important aspect of financial planning, so examine your reasons for wanting to cash in. If you are in financial difficulty or over indebted rather focus on getting out of debt by reducing your expenses where possible.