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When 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).

What 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).

How 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.

How can I determine the value of my provident fund pay-out?

You will receive the total value of contributions (net of any administration fees and risk premiums deducted) invested in your fund account plus the investment return on those contributions. The investment return may be positive or negative.

Why does pension fund pay-out take so long to be finalised?

The reason for this is that lump sums are taxed on either the withdrawal or retirement lump sum tax table. These tables are applied on the cumulative amount of all the lump sums you may have received from this and/or previous retirement funds.

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.

Should 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.

How 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.

How 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.

How long does Alexander Forbes take to pay out?

It usually takes between 4 and 12 weeks, to process a pay-out.

What can I do to find out if I have surplus funds due to me?

You will have to contact your bargaining council, or your industry's retirement fund administrator, to find out if you have surplus funds due to you.

How much tax will I pay on my GEPF resignation benefit?

Can 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.

What 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).

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.

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