Zakaat on pension fund
Q: I belonged to a Pension Fund at work however it was disbanded and I moved the monies to a retirement annuity. This money is only available to me at age of 55. I have been told that I need to pay zakaat on it annually. The amount is substantial and I cannot afford to pay this annually. Why do I have to pay zakaat if I am not able to use the funds until 55 years?