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Business
What is the pension fund pay-out timeframe after dismissal or retrenchment?
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 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.
Read moreGeneral
What happens in the event of a member’s death?
In line with section 37 of the Pension Funds Act, the trustees of the retirement fund will distribute the proceeds, considering first the needs of your dependants and then the beneficiaries listed in your nomination form.
Read moreHow can I check the progress of my claim?
Please check yourself, by phoning up the responsible fund administrator
Read moreWhat 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.
Read moreHow 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.
Read moreLiving annuity
How much will I receive monthly from my living annuity?
f you invest two-thirds of R1.9m in a living annuity (R1.26m), you must draw between 2.5% (R32 000) and 17.5% (R222 000) per annum (R2 700 – R18 500 per month). This money will be taxed on the normal income tax tables.
Read morePreservation fund
Can financial advisors charge a fee for transferring a preservation fund?
There are two things to consider. Firstly, financial advisor fees are subject to negotiation (between you and the advisor). Secondly, some service providers (mainly the insurance companies) require you to use a financial advisor.
Read moreRetirement annuity
Is it legal to be penalised for reducing my retirement annuity premium?
Good practice no but legal and the industry standard, yes. If your retirement annuity is based on a policy (i.e most life insurance retirement annuities) then you are bound by the policy "terms and conditions".
Read moreWhat happens to my retirement annuity if I get divorced?
The divorce decree/settlement determines how the marital assets are divided, and it will have to make specific mention of the retirement annuity.
Read moreCan I use my retirement fund as security for a loan?
The short answer is no. In terms of the Pension Funds Act, you are not allowed to pledge or cede your retirement fund, or use it as security for a loan (other than a housing-related loan, if the fund rules provide for this).
Read moreCan I borrow money from my Sanlam Provident Fund?
ou can only borrow money from your Sanlam Provident fund if your Fund rules permit this and the loan is for a purpose as specified by the Pension Funds Act (ie housing related). Check with your HR department.
Read moreDo I get my money back if I cancel my Metropolitan RA?
You will only get your money back if the paid-up value of your Metropolitan RA is less than R7 000. Otherwise you must wait until your turn 55.
Read moreCan 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.
Read moreWhat is the maximum I can contribute towards a retirement annuity?
Retirement Annuity contributions are tax deductible under S11(k) of the income tax act.
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