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Assuming you have not previously withdrawn from a retirement fund, the first R22 500 is paid out tax free, and the balance to R50 000 is taxed at 18%.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

Will I still receive my employer's fund contributions if I absconded from work?

Your company will stop paying contributions once you absconded, as you are then no longer an employee

If I resign at short notice will I still receive my pension?

Yes, you are entitled to claim your pension, but your former employer may be unhelpful in getting the withdrawal papers through to the fund administrator, which could delay your payment

Will liquidation affect my provident fund?

Sophia, Liquidation will have no affect on your provident fund; if your employer closes down, you will be allowed to withdraw from your fund, or transfer it to a new employer or to a preservation fund.

What happens in the event of a participating employee’s death?

Death benefits are governed by Section 37C of the Pension Funds Act.

Does Momentum allow loans against their pension funds?

This matter is not determined by Momentum, but by the Pension Funds Act and your specific fund rules.

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.

Who do I contact to enquire about surplus funds?

You can contact the fund administrators directly if you know who they are, and they should be able to guide you through the process, and what proof you need. If you don't know who they are then your former employers should be able to point you in the right

Is it advisable to move my Old Mutual RA to my Momentum RA?

We cannot use this forum to offer individual advice, and obviously we have far too little information to do so. Our answer therefore has to be somewhat generic.

What happens in the case of a unit trust investor’s death?

Your unit trust investment falls into your deceased estate, and may therefore be subject to Estate Duty. On receipt of the prescribed death notification, 10X will only act on the instructions received from the executor of your estate.

What is a unit trust?

A unit trust refers to an investment portfolio that is managed as a Collective Investment Scheme and divided into equal parts or ‘units’.

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