Browse FAQs

Business

Are part-time employees eligible to contribute to a provident fund?

Under recent labour law changes, part time employees more than 3 months in service may not be prejudiced versus full-time employees

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Will being fired affect my provident fund pay-out?

Being fired will not affect your fund pay-out.

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Can I borrow money while waiting for my pension to be paid?

Yes, you can borrow money, but not from your pension fund, nor can you use your pension fund as collateral for any other loan.

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Can I cash in my provident fund while employed?

Your fund membership is governed by the fund rules. If the fund rules specify that employees on short-pay are not eligible for employer contribution, then the employer has to comply with that.

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Are provident fund contributions compulsory?

If your employer offers a provident fund, and, you, as a new employee, are eligible to join, then you must join the fund.

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General

Can I claim my pension fund if I'm under debt review?

No, you cannot claim your pension fund while you are still employed. You may be able to secure a housing loan against your fund, if your fund rules permit. Check with your HR department.  

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Can I claim my deceased father's surplus money?

What surplus money are you referring to? From his deceased estate, his retirement fund, his living annuity, his life cover?

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Can a search be done under my ID no. to see what funds I belong to?

Yes, you may able to do a search under someone's ID number. A financial adviser with access to the Astute system may be able to help you.

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What is the tax treatment of arrear and excess contributions?

The "arrear contribution" refers to an additional current year contribution that is related to a previous tax year in which you did not claim your maximum allowable deduction.

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What is the purpose of a non-resident bank account?

Your comment "these accounts all seem to stipulate that deposits should only be in foreign currencies" cannot possibly be true.

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Can I claim UIF if I take early retirement due to ill-health?

No doubt you have read the requirement on the Department of Labour web site. It specifies that you can claim an illness benefit unless

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Can I claim UIF if I retire early?

There is a difference between unemployed, and being retired. The purpose of UIF is to tie over workers who have (involuntarily) lost their job or income due to retrenchment, dismissal, illness or pregnancy.

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Living annuity

How much income will my living annuity pay?

You have the flexibility to choose the annual income your living annuity will pay, between 2.5% and 17.5% of your remaining capital at your policy anniversary date.

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What is a Living Annuity?

A Living annuity is a financial product that pays you a regular income. You can choose between two types of annuities: a Guaranteed Annuity or a Living Annuity.

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Unit trusts

How is my money invested in the 10X Unit Trust?

Your money is invested in company shares (local and international), property shares, bonds (nominal and inflation-lined government bonds), and cash. Find out more by downloading the 10X Investment Guide.

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