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Business
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
Read moreWhat 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,
Read moreCan 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.
Read moreHow 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.
Read moreDoes 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.
Read moreWhen 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.
Read moreHow 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.
Read moreGeneral
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.
Read moreHow 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
Read moreAm 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
Read moreHow 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.
Read moreWhy 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.
Read moreLiving annuity
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.
Read moreCan 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.
Read moreTax-free savings account
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