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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.

Does a provident fund form part of the estate of a deceased member?

You have two problems. Firstly, an affidavit is not the same as a will, and unless it complies with the requirements of a legal will, it will not be seen as such.

When can employees access their pension/provident fund?

The minimum retirement age of 55 (for reasons other than ill health) is defined by the Income Tax Act. There is no maximum retirement age.

How do I claim my provident fund upon resignation?

You need to get hold of a withdrawal notification form from your HR department, complete this and return with required supporting documents to your HR department, who will counter-sign and forward to the fund administrator for processing.

What is the pension fund pay-out timeframe after dismissal or retrenchment?

Provided your tax affairs are in order, and you have submitted all the required documents (such as a copy of your ID, a completed instruction form stating where the money should go, and proof of banking details), it normally takes 14 to 21 business days

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 I make a lump sum withdrawal from my living annuity?

No, you cannot. Once the money has been committed to the living annuity, it can only be paid out under living annuity rules.

Can financial advisors charge a fee for transferring a preservation fund?

There are two things to consider. Firstly, financial advisor fees are subject to negotiation (between you and the advisor). Secondly, some service providers (mainly the insurance companies) require you to use a financial advisor.

Is it legal to be penalised for reducing my retirement annuity premium?

Good practice no but legal and the industry standard, yes. If your retirement annuity is based on a policy (i.e most life insurance retirement annuities) then you are bound by the policy "terms and conditions".

What happens to my retirement annuity if I get divorced?

The divorce decree/settlement determines how the marital assets are divided, and it will have to make specific mention of the retirement annuity.

Can I open more than one TFSA?

Yes

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