How long does it take to receive your provident fund pay-out?

The time it takes to receive your provident fund payout depends on several factors, including which portion of your fund you're accessing and whether there are any complications with tax directives or other requirements.

The information below details how long withdrawals take at 10X - other providers usually have widely varying timelines.

Withdrawals from your Savings Component

At 10X, we aim to process savings component withdrawals within 7-14 working days after you accept your quote.

However, this timeline can be affected by several external factors:

Your tax status is particularly important. If you have outstanding tax returns or owe money to SARS, this will delay or even prevent your withdrawal. SARS may also use part or all of your withdrawal to settle outstanding tax debt, which could mean you receive less than expected or nothing at all.

The processing of tax directives through SARS and other regulatory systems can cause delays that are outside our control. Even if everything is in order on your side, system dependencies might extend the timeline.

Withdrawals from your Vested Component

For vested component withdrawals (your pre-September 2024 savings), the process typically takes longer. At 10X, you can expect:

• About 21 working days for complete cash withdrawals
• 30 to 45 working days for transfers or partial withdrawals

Remember that your retirement component must remain invested until retirement age.

Ensuring a smooth process

To help your withdrawal proceed as quickly as possible:

Keep your tax affairs current. This means filing all required tax returns and settling any outstanding tax debt. SARS won't issue a tax directive if your tax affairs aren't in order.

Provide accurate information. Double-check all your details, especially your banking information. Any errors can cause significant delays.

Submit clear documentation. Ensure all required documents are complete, clear, and properly signed. Blurry or incomplete documents will need to be resubmitted.

Stay in touch. If you haven't received updates about your withdrawal after the expected timeframe, contact us. We can check on its status and identify any issues that need addressing.

Before you withdraw

Consider using our Two-Pot Calculator to understand how a withdrawal might affect your retirement savings. While access to your savings component provides helpful flexibility, each withdrawal reduces your future retirement income.