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Can I withdraw from my provident fund while employed?
No, this is not permitted - you can only withdraw when you leave your employer (on resignation, dismissal, retrenchment).
Read moreWhat happens to the employer contribution when I resign?
You get the company contribution invested in your fund plus the net investment return earned thereon (ie you get your full fund balance - net of any tax that may be due - when your resign).
Read moreHow long will my pay-out take after resignation?
Assuming your tax affairs are in order, a pay-out usually takes around 4-8 weeks from that point. If you belong to an industry (bargaining council fund) then there is usually a mandatory waiting period which can be up to six months long.
Read moreHow can I determine the value of my provident fund pay-out?
You will receive the total value of contributions (net of any administration fees and risk premiums deducted) invested in your fund account plus the investment return on those contributions. The investment return may be positive or negative.
Read moreWhat documents do I need to claim my provident fund?
Your money will be in many different funds. For employers you left more than two years ago, your money will most likely also be in (different) unclaimed benefit funds.
Read moreWhy does pension fund pay-out take so long to be finalised?
The reason for this is that lump sums are taxed on either the withdrawal or retirement lump sum tax table. These tables are applied on the cumulative amount of all the lump sums you may have received from this and/or previous retirement funds.
Read moreWhat is the provident fund pay-out waiting period?
It can take between 4 and 12 weeks for your funds to be paid out to you, depending on the efficiency and motivation of your fund administrator. Check with your fund administrator for a specific answer.
Read moreWhat is the tax percentage when claiming my provident fund?
The first R25 000 is paid out tax-free, the balance to R660 000 is taxed at 18%, the balance to R990 000 at 27% and the remainder at 36%.
Read moreGeneral
Should I be owing SARS money if my employer deducts PAYE?
If your employer deducts PAYE correctly, you should not owe SARS any money. But you have no guarantee that your employer has not made a mistake.
Read moreHow long does a death benefit take to be paid out?
It can take up to a year for a retirement fund death benefit to be paid out, as the trustees must ensure that all financial dependents are provided for.
Read moreHow much interest will my investment earn?
This falls into the ambit of financial planning, which we cannot do in this forum (we would need to do a full financial needs analysis). Factually, however, you can presently expect to earn interest of around 5%-6% pa.
Read moreHow long does Alexander Forbes take to pay out?
It usually takes between 4 and 12 weeks, to process a pay-out.
Read moreWhat can I do to find out if I have surplus funds due to me?
You will have to contact your bargaining council, or your industry's retirement fund administrator, to find out if you have surplus funds due to you.
Read moreHow much tax will I pay on my GEPF resignation benefit?
How much tax will I pay on my GEPF resignation benefit?
Read moreRetirement annuity
What are the consequences of canceling my retirement annuity?
If you cancel the policy before maturity date (normally in the year you turn 55), the policy will be made "paid-up".
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