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How long is thewaiting period for provident fund pay-out?
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
Read moreWhen can employees access their pension/provident fund?
On retrenchment and resignation, called a withdrawal; On retirement at retirement age (or earlier due to ill health).
Read moreWhat happens to the employer contribution when I resign?
You get the company contribution invested in your fund plus the net investment return earned thereon (ie you get your full fund balance - net of any tax that may be due - when your resign).
Read moreHow long will my pay-out take after resignation?
Assuming your tax affairs are in order, a pay-out usually takes around 4-8 weeks from that point. If you belong to an industry (bargaining council fund) then there is usually a mandatory waiting period which can be up to six months long.
Read moreGeneral
How can I find out what my provident fund balance is?
If you are a 10X client, you can see this on your benefit statement, which you will find once you log into the Investor Portal.
Read moreShould I be owing SARS money if my employer deducts PAYE?
If your employer deducts PAYE correctly, you should not owe SARS any money. But you have no guarantee that your employer has not made a mistake.
Read moreHow long does a death benefit take to be paid out?
It can take up to a year for a retirement fund death benefit to be paid out, as the trustees must ensure that all financial dependents are provided for.
Read moreHow much interest will my investment earn?
This falls into the ambit of financial planning, which we cannot do in this forum (we would need to do a full financial needs analysis). Factually, however, you can presently expect to earn interest of around 5%-6% pa.
Read moreHow long does Alexander Forbes take to pay out?
It usually takes between 4 and 12 weeks, to process a pay-out.
Read moreLiving annuity
What is the difference between a preservation fund and a living annuity?
The Living Annuity is, an investment product. It transfers the risk and responsibility of securing an income for life onto your shoulders. In return, you have greater income flexibility and your heirs inherit your capital after your death.
Read moreHow is a living annuity taxed?
No tax is payable on amounts transferred into your living annuity and you do not pay tax on the investment returns you earn within your living annuity.
Read moreCan I withdraw all the funds from my living annuity?
A living annuity is a post-retirement product. One of the conditions of choosing a living annuity is that you must withdraw between 2.5% and 17.5% pa of the fund balance (at the anniversary date). You make this election once per year.
Read moreWhat transfers can a living annuity accept and make?
Transfers in: A living annuity may only accept transfers from another living annuity or from a retirement fund (pension, provident, pension preservation, provident preservation or a retirement annuity fund).
Read morePreservation fund
What is the difference between a provident, pension, RA and preservation fund?
While all of these are retirement funds governed by the Pension Funds Act, they serve different purposes and have distinct characteristics.
Read moreHow 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.