Business FAQs
Our comprehensive range of retirement products is designed to give you the security and peace of mind you deserve when thinking of your savings. Whether you're just starting to plan for the future or looking to enhance your existing investment strategy, our FAQ section aims to answer all your questions, helping you make informed decisions and navigate the path to a comfortable and financially stable retirement.
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How 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 (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 10 business days for 10X to pay out the funds.
If it takes longer, you should follow up with our administrator to see what is holding up the process (or request your previous HR department to follow up on your behalf).
Will being fired affect my provident fund pay-out?
Your provident fund benefit is your fund credit, which is made up of total contributions invested in the fund, plus the net investment return earned by those contributions. Irrespective of whether you retire, resign, or are retrenched or fired, you are still entitled to the fund credit. So being fired will not affect your fund pay-out.
How long does it take to receive your provident fund pay-out?
The time it takes to receive your provident fund pay-out can vary depending on your specific provider. Here's what you need to know:
- Generally, the process can take anywhere from a few weeks to a few months.
- The efficiency and dedication of your fund's administrator play a crucial role in the timeline.
- Your tax affairs must be in order for the process to proceed smoothly.
At 10X Investments, we strive to make this process as quick and efficient as possible for you. Here's what you can typically expect with us:
- Complete cash withdrawals: About 21 working days
- Transfers or partial withdrawals: 30 to 45 working days
These timelines apply once we have all your necessary documents and your tax affairs are in order.
To ensure a smooth process, regardless of your provider:
- Submit these required documents:
- Ensure your tax affairs are up to date
- Follow up regularly with your provider if you haven't heard from them
Did you know? Many people nearing retirement are faced with important decisions about their provident fund. While it might be tempting to take a full pay-out, preserving your capital can significantly impact your financial security in retirement.
Consider speaking with one of our consultants about the benefits of a preservation fund, or visit our Preservation Fund Calculator to see how much more you could have at retirement by preserving your funds with a low-fee provider like 10X.
Need help or have questions? Contact us and we'll guide you through the process.