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When should an employer start deducting pension fund contributions?

The rules are as follows: when a company first introduces a pension fund, existing employees can choose whether they want to join or not. They have one year to make that decision.

How can I check the progress of my claim?

Please check yourself, by phoning up the responsible fund administrator

What is a tax certificate?

A tax certificate is a certificate issued by your retirement fund administrator that confirms the contributions you made to the fund during the tax year.

How do I claim surplus funds without the deceased's details?

The children's mother should have this information, and she should be the person to claim for a surplus benefit.

How do I claim a deceased member's surplus scheme?

You will need to contact your late father's former employer, or the fund administrator (MIBFA), to find out how you can claim your share of the surplus. We would have expected the letters from MIBFA to explain the process.

How does surplus money become available and were can I claim it?

In a defined contribution fund the surplus (if any) constitutes the assets in excess of the total sum of the individual shares of the members.

How do I decide which fund to invest in?

Two things to take into consideration when choosing a fund to invest in are: 1) How long do you plan to stay invested, and 2) How can you maximise the tax benefit of the TFSA.

What happens if I contribute more than my annual allowable amount?

If you contribute more than your annual allowable amount of R36,000 in a tax year the amount contributed above the annual allowance will be taxed at a rate of 40%, regardless of your personal income tax rate.

What is the period for which the annual limit applies?

The South African tax year runs from 1 March to 28 February of the next year.

Can I buy a living annuity with my GEPF lump sum payout?

You cannot transfer to a retirement annuity as that would be tantamount to preserving your savings, which is not permitted once you reach normal retirement age.

Can I access the money in my Metropolitan Retirement Annuity?

Unless your paid-up retirement annuity value is less than R7 000 you will not be able to access your money until you turn 55.

What is the maximum I can contribute towards a retirement annuity?

Retirement Annuity contributions are tax deductible under S11(k) of the income tax act.

What is a Tax-Free Savings Account?

Tax-Free Savings Accounts (TFSAs), which were introduced in South Africa in 2015, provide tax benefits to turbocharge your savings and grow your investments tax-free.

Why should I open a TFSA with 10X Investments?

Opening a TFSA is a good idea. Opening a TFSA with 10X is a great idea. Our low fees, proven-track record, and transparency means you get more money when it matters most and of course, tax-free!

Can I transfer my TFSA from one provider to another?

Yes. If you wish to transfer your TFSA from one provider to another, keep in mind that such a transfer can only be made between service providers.

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