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Business

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.

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

What are the 10X Default Regulation strategies?

There are three retirement-fund default regulations. We have outlined the regulatory requirements below, along with the details on how 10X has accommodated the changes to best suit our members.

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 are the similarities between the Sanlam and Old Mutual RA's?

As a broad generalisation, both are expensive in terms of fees, inflexible in terms of contributions, confusing in terms of your investment choice, lacking in transparency on fees and performance

Can I resume payments to my paid-up Old Mutual RA?

As you took out an Old Mutual RA, this will be a life company retirement annuity, which is underwritten and subject to a long-term contract or policy.

Do I get my money back when canceling my Old Mutual RA?

You do, but unless its less the paid-up Old Mutual RA value is less than R7 000

What is the maximum I can contribute to a retirement annuity?

You can invest up to 27.5% of your taxable income in a 10X retirement annuity, with a maximum tax deduction limit of R350 000 per annum.

Are retirement annuity contributions tax deductible?

You may deduct up to 27,5% of your gross remuneration or taxable income (whichever is the higher) in respect of your total contributions to a pension, provident or retirement annuity fund, subject to an annual limit of R350 000.

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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