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Business
Is it legal for my employer to withhold payout of my fund?
In terms of section 37D(b)(ii) of the Pension Funds Act, a fund may deduct from a member’s benefit payable in terms of the rules of the fund.
Read moreHow do I claim from my Alexander Forbes Provident Fund?
he must get the withdrawal notification form, fill it in, attach the necessary supporting documents, return it to the employer, who will counter-sign and send it to Forbes for processing.
Read moreWhy does pension fund pay-out take so long to be finalised?
When you withdraw or retire from your employer's pension fund, and opt to receive a portion as a cash lump sum, the administrator must revert to SARS for a tax directive.
Read moreHow long does your first provident fund withdrawal take to be paid out?
It normally takes 14 to 21 business days for the funds to be paid out at 10X
Read moreHow long does it take for thefund to pay out the withdrawal benefit?
Provided your tax affairs are in order, and you have submitted all the required documents, it normally takes 10 business days for 10x to pay out the funds.
Read moreHow long does it take to receive your provident fund pay-out?
it normally takes 14 to 21 business days to receive your provident fund pay-out. If it takes longer, you should follow up with the administrator to see what is holding up the process.
Read moreHow will my provident fund withdrawal be taxed?
You will be taxed on R25 000. The first R25 000 of your provident fund withdrawal is not taxed, so if this is your first (retirement fund) withdrawal you will pay no tax, If it is your second, you would most likely pay tax at 18%.
Read moreWhat procedure should I follow if my pay-out is taking too long?
Your husband can also phone (rather than visit) the administrator, to get an update, instill a sense of urgency and to ensure that the process is on track (ie all documents have been received and there are no problems with SARS).
Read moreCan I claim my provident fund from a previous employer?
Yes, you can claim your provident fund (as a cash pay-out), or, more sensibly, you could transfer it to your new employer's provident fund.
Read moreHow do I apply for my provident fund?
To claim your benefit, you must have resigned or retired from your employer. You must then complete a withdrawal notification form, and submit this, with required supporting documentation, to your HR department.
Read moreGeneral
How long does it take SARS to approve a tax directive?
Each member has to be dealt with individually by SARS. For the members whose tax affairs are in order, it should not take more than a week, for the others it may take longer.
Read moreLiving annuity
What happens to my living annuity when I die?
Any residual investment value is distributed among your beneficiary(s).
Read moreWhat are the living annuity risks and benefits?
Among the living annuity risks and benefits include that in exchange for the flexibility benefit a living annuity provides, you assume the risk of securing an adequate, sustainable income.
Read morePreservation fund
Can I make a withdrawal from my preservation fund before retirement?
The earliest retirement date is usually 55, although this is subject to the fund rules. These issues are important because they determine if you can a) make another withdrawal and b) the tax thereon.
Read moreTax-free savings account
What happens if I contribute more than R36,000 in a tax year?
If you contribute more than your annual allowable amount of R36,000 in a tax year the amount contributed above the annual allowance will be taxed at a rate of 40%, regardless of your personal income tax rate.
Read moreHow can we 10X Your Future?
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