Many clients view retirement annuities as a grudge purchase that they would rather not have to make, but a clever new campaign from Liberty Life 'Love the Taxman', highlights the fact that it actually pays people to take out an RA, since they get up to 40% of what they invest back from the taxman.
Liberty Life Divisional Director of Marketing Howard Fox says, "We realised that despite the fact that government has created a sizeable incentive as part of its drive to encourage a culture of long-term savings in the country, many people are simply unaware of just how much they can benefit from this.
"This takes on extra significance when one considers a recent survey which found that of people who have reached the age of 65, 47% are dependent on relatives, 31% are forced to continue working or take up second careers and 16% are dependent on a state pension - a mere R820 a month. In stark contrast, only 6% are financially independent," he points out.
Fortunately, Liberty Life is more than qualified to play Cupid for your clients and the taxman! As a progressive South African financial services group, Liberty Life offers a comprehensive range of long-term insurance products and services to both the individual and corporate markets.
The idea behind its latest Love the Taxman campaign is therefore to get people to question whether they have saved enough for retirement and to then motivate them to do so, with clear communication that highlights the tax incentives linked to taking out an RA in a fun and entertaining way.
Liberty Life has ensured that the Love the Taxman campaign peaks on February 14th, with a number of Valentine's Day promotions, as well as a targeted advertising campaign to drive the message home to consumers.
Key aspects include strategically placed print and radio ads, featuring lines such as: "Save R500pm towards retirement for as little as R300pm - Do the Maths love the tax man" and "get tax back. Offer closes 28th February". The initiative is also to be supported by radio and outdoor campaigns as well as a fun consumer-orientated website www.lovethetaxman.co.za.
With these kind of exciting marketing tools and Liberty Life's Personal Pension retirement planning products as back up, you and your clients are sure to start seeing Mr. Taxman through rose-coloured glasses soon enough
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