RETIREING:
Calculate how much tax you will pay when you retire and withdraw up to the 1/3 lump sum from your Pension or Provident Fund
Options at Retirement
You can invest the funds you do not withdraw into one of 3 options:
- A lving Annuity
- A life Annuity
- A guaranteed Annuity
Contact us for more information here..
RESIGNING AND WITHDRAWING YOUR PENSION OR PROVIDENT FUNDS
Tax before retirement age you will pay when you resign or withdraw before retirement (age 55) a lump sum from your RA, Pension- or Provident Fund
Options when you do resign and do not want to withdraw your pension or provident fund
Answer: You can invest it in a preservation fund. It has the same features as your pension or provident fund except you can make 1 part or full withdrawal before retirement.
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How is the tax calculated
Privident Fund | Pension Fund | Retirement Annuity | Preferred Compensation |
At Retirement | At Retirement | At Retirement | Full amount can be taken. |
Formula | Formula | Formula Z=C+E-D Z=Tax free amount C=Amount Taken D= Total tax free received from other funds E = Previously disallowed own contributions. | R30 000 less tax free lump sums previously received. Provided that : |