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Business

How will my provident fund pay-out be taxed?

Only the amount above R22 500 will be taxed at 18%; the first R22 500 will be paid out tax free (assuming she has not previously withdrawn from a retirement fund).

How will my provident fund deduction affect my tax refund?

Any provident contributions that were made in your name (rather than your employer's) do not qualify for a tax deduction this year (ie you will not get a refund), but will be returned to you tax free when you withdraw from the fund

Is my employer investing my provident fund contributions?

We have no way of knowing or finding out whether your contributions are invested in your provident fund.

What is a Corporate Selection Retirement Fund 2?

The Corporate Selection Retirement Fund 2 is the formal name of an umbrella provident fund underwritten by the Liberty Group.

What percentage tax is deducted on pension fund withdrawals?

Assuming you have not previously withdrawn from a retirement fund, the first R22 500 is paid out tax free, and the balance to R50 000 is taxed at 18%.

What will my provident fund pay-out be after dismissal?

Six months is a very long time to wait for a provident fund pay-out. At 10X, it normally takes less than one month.

Where should I go to claim my provident fund?

You need to find out in which fund your money was invested and who administers that fund.

Is it illegal for employers not to pay over pension fund contributions?

No, this is not allowed, in fact it is a very serious offense not to pay over pension fund contributions, for which the directors of your husband's company will be criminally prosecuted.

Is it possible for me to take out a loan against my provident fund?

It is possible but only if the loan is for housing-related purposes per s19(5)

How do I reactivate a deceased member's tax number?

You need to reactive your late father's tax number, so that they can issue a tax directive on his death benefit pay-out. To do so, you will probably have to go into a SARS branch, explain the situation, and bring the necessary supporting documents

The death benefit explained

The death benefit is usually made up of two parts: the retirement investment and the life insurance pay-out.

What is the waiting period for a lump sum to be paid out?

It is not really a waiting period, more a "slow administrators with poor processes" kind of a delay.

When do I stop paying UIF?

We are not UIF experts but as far as we know, all full time employees are required to pay UIF.

Where can I complain about my provident fund pay-out?

These are matters you need to take up with your former HR department, especially regarding your leave pay.

What happens to the balance of an RA fund upon death?

This depends on the type of pension (annuity) your husband bought.

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