Browse FAQs

Business

How will I be taxed if I withdraw my pension fund?

f you withdraw, the first R22 500 is not taxed. The balance up to R600 000 is taxed at 18%, the balance up to R900 000 at 27%, and the remainder at 36%.

Can I withdraw my provident fund during a company merger?

Normally, you may only withdraw from your provident fund if you resign, or you are retrenched or dismissed. Mergers and acquisitions are a bit of a grey area in this regard, as it usually depends on the structure of the deal

What is the provident fund claims process?

The retirement fund claims process is as follows: you need to get hold of a withdrawal notification form from your HR department, complete this and return with required supporting documents (proof of banking and ID) to your HR department,

Can I access my provident fund to settle debt?

This will not be possible, unless you plan to pay off housing debt (your mortgage) and your fund rules permit this.

How long does it take for provident fund pay-out?

t normally takes 14 to 21 business days for provident fund pay-out. If it takes longer, you should follow up with the administrator to see what is holding up the process.

What is a tax directive?

Cash lump sums paid out by retirement funds are subject to either withdrawal or retirement lump sum tax (depending on whether you are simply withdrawing, or you are retiring).

What is the percentage tax payable on resignation from the GEPF?

There is a formula: your benefit relating to pre 31 March 1998 is not taxed, the benefit relating to post 31 March 1998 service is taxed per the withdrawal lump sum tax table.

How can I appeal against full commutation rejection?

The issue is that SARS tends to view retirement annuity and retirement fund matters in aggregate, rather than on a policy by policy basis. Otherwise it would become too easy to circumvent the provisions of the Income Tax Act

Am I taxed for my portion of my ex-husband’s retirement fund?

You say your ex-husband will receive the proceeds from his retirement fund next week. If it is from a retirement annuity he can only take a third of this as cash; he must use at least two-thirds to buy an annuity

How do I reactivate a deceased member's tax number?

You need to reactive your late father's tax number, so that they can issue a tax directive on his death benefit pay-out.

Why did SARS disallow the deduction of my accumulated contributions?

Contributions not deducted for tax are returned tax-free to the retirement annuity holder on withdrawal.

Can I transfer my current living annuity to another provider?

The living annuity is a post-retirement product. You can transfer your current living annuity to another provider, or you can use the proceeds from your retirement fund to buy a living annuity.

Can a person have more than two retirement annuities?

Investors can take out as many RAs as they choose, with the same or different providers. They can all be accessed at different times. However, the rules relating to the minimum amount requiring annuitisation (R247,500) are applied per fund

What happens to my retirement annuity when I resign?

, Irrespective whether you belonged to a Group RA scheme or took out the retirement annuity yourself, the retirement annuity is a savings product for individuals, registered in your name.

Who should consider using a unit trust?

You should consider a Unit Trust if you want to invest discretionary (non-retirement) savings in a diversified and professionally-managed portfolio, either to provide an income in retirement or with a particular savings goal in mind.

Prev 1 2 3 4...15 16 Next

How can we 10X Your Future?

Begin your journey to a secure future with 10X Investments. Explore our range of retirement products designed to help you grow your wealth and achieve financial success.

Get started Learn more