Zakaat on retirement annuities

Question ID: 39817

saalamu alaikum WRB.Question is regards Retirement Annuities.I understand RA is permissable.How to calculate Zakaat on the RA.If I have had the RA for say 10 years and have been paying a monthly sum of say R 300.In past I have been taking the sum paid by me and paying zakaat on that amount. ie : after ten years I would have paid R 36000 in instalments — so I paid R900 zakaat on the 10th year.
is it correct not to pay any zakaat until I actually get a draw on the RA or when it finally pays out at retirement age? (ie: when I get control of the lump sum or part thereof?)
If this is correct method – do I pay only after one year or immediately it comes in? Is it correct not to pay at least the surrender value or the amount paid in…thats yours like a strong loan is yours and you pay the zakaat on a strong loan you gave someone?
May Allah reward you. JazakAllah

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Asked on January 1, 1970 12:00 am
Private answer
No, not in this case.
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Answered on January 1, 1970 12:00 am