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How long is thewaiting period for provident fund pay-out?
Provided your tax affairs are in order, and you have submitted all the required documents (such as a copy of your ID, a completed instruction form stating where the money should go, and proof of banking details), it normally takes 14 to 21 business days
Read moreWhat are the differences between a provident and a pension fund?
The two big differences between a pension and a provident fund relate to 1. the tax treatment of contributions and 2. the annuitisation requirement at retirement.
Read moreWhen can employees access their pension/provident fund?
On retrenchment and resignation, called a withdrawal; On retirement at retirement age (or earlier due to ill health).
Read moreCan I withdraw from my provident fund while employed?
No, this is not permitted - you can only withdraw when you leave your employer (on resignation, dismissal, retrenchment).
Read moreWhat happens to the employer contribution when I resign?
You get the company contribution invested in your fund plus the net investment return earned thereon (ie you get your full fund balance - net of any tax that may be due - when your resign).
Read moreHow long will my pay-out take after resignation?
Assuming your tax affairs are in order, a pay-out usually takes around 4-8 weeks from that point. If you belong to an industry (bargaining council fund) then there is usually a mandatory waiting period which can be up to six months long.
Read moreHow can I determine the value of my provident fund pay-out?
You will receive the total value of contributions (net of any administration fees and risk premiums deducted) invested in your fund account plus the investment return on those contributions. The investment return may be positive or negative.
Read moreWhat documents do I need to claim my provident fund?
Your money will be in many different funds. For employers you left more than two years ago, your money will most likely also be in (different) unclaimed benefit funds.
Read moreWhy does pension fund pay-out take so long to be finalised?
The reason for this is that lump sums are taxed on either the withdrawal or retirement lump sum tax table. These tables are applied on the cumulative amount of all the lump sums you may have received from this and/or previous retirement funds.
Read moreWhat is the provident fund pay-out waiting period?
It can take between 4 and 12 weeks for your funds to be paid out to you, depending on the efficiency and motivation of your fund administrator. Check with your fund administrator for a specific answer.
Read moreWhat is the tax percentage when claiming my provident fund?
The first R25 000 is paid out tax-free, the balance to R660 000 is taxed at 18%, the balance to R990 000 at 27% and the remainder at 36%.
Read moreHow will I be taxed if I withdraw my pension fund?
f you withdraw, the first R22 500 is not taxed. The balance up to R600 000 is taxed at 18%, the balance up to R900 000 at 27%, and the remainder at 36%.
Read moreCan I withdraw my provident fund during a company merger?
Normally, you may only withdraw from your provident fund if you resign, or you are retrenched or dismissed. Mergers and acquisitions are a bit of a grey area in this regard, as it usually depends on the structure of the deal
Read moreWhat is the provident fund claims process?
The retirement fund claims process is as follows: you need to get hold of a withdrawal notification form from your HR department, complete this and return with required supporting documents (proof of banking and ID) to your HR department,
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