Browse FAQs

Business

How long does provident fund pay-out take after dismissal?

This will depend on the efficacy and motivation of the administrator. Provided your tax affairs are in order, with 10X it normally takes 14 to 21 business days for provident fund pay-out if you have submitted

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How will I be taxed if I withdraw my pension fund?

You can only encash your pension fund if you withdraw (as opposed to retire) from your fund. If you retire, you can only encash up to one-third, with the balance you must purchase an annuity.

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How do I go forth to get my MIBFA provident fund paid out?

Rather than going forth, you should go first to your HR department and request an exit or withdrawal instruction form, which you must complete and return to HR, together with any required supporting documentation.

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Can I claim UIF from a previous employer?

In principle, you cannot claim UIF unless you lost your job involuntarily.

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Should I resign or retire early from my pension fund?

If you retire early due to ill health from a pension fund, you will be compelled to buy an annuity with two-thirds, but you will pay less tax on the one-third cash lump sum than if you resign.

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How long does provident fund payout take if my employer is being liquidated?

If the company's liquidation resulted in the provident fund also being wound up, it can take quite a while before you receive the payout, possibly six months or longer.

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General

What is the difference between interest and returns?

Depending on the asset allocation of each fund, the portion of the total return that each return component contributes will differ.

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Can I lend money from my pension fund?

You can only lend money from your pension fund for very specific purposes (essentially housing-related, as contemplated by s19(5) of the Pension Funds Act) and only if this is permitted by your general and/or special fund rules.

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Who is 10X?

10X takes care about your retirement so that you don't have to.

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How long does SARS take to complete taxation on my pension?

It normally takes 14 to 21 business days for the funds to be paid out

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Living annuity

What is the performance record of the 10X Living Annuity?

We have only just launched the living annuity, but it uses the same investment portfolios as our retirements funds (our High, Medium and Low Equity portfolios).

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Retirement annuity

Do you pay tax on a retirement annuity?

Even though retirement annuities are tax-efficient investment vehicles, there are instances whereby you would be liable to pay tax on the proceeds of your annuity.

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Who should consider using a retirement annuity?

It’s never too early or too late to start saving for your retirement.

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Tax-free savings account

How do I make a withdrawal from my 10X TFSA?

Please note that redemption instructions for contributions received via debit order will only be processed after 45 days from debit order date.

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Unit trusts

Can I transfer from a retirement annuity to a unit trust?

he law does not allow you to transfer your money from a retirement annuity to a unit trust.

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How can we 10X Your Future?

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