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How long does it take to receive your provident fund pay-out?

The duration largely depends on the type of withdrawal you're making and your specific provider. Let's break it down for clarity.

What documents do I need to claim my provident fund?

Your money will be in many different funds. For employers you left more than two years ago, your money will most likely also be in (different) unclaimed benefit funds.

What are the differences between a provident and a pension fund?

The two big differences between a pension and a provident fund relate to 1. the tax treatment of contributions and 2. the annuitisation requirement at retirement.

Should I transfer to a preservation fund or a retirement annuity?

Both products are retirement funds for individuals, governed by the Pension Funds Act. A preservation fund is more flexible than a retirement annuity. With a retirement annuity you can only access the money from age 55.

Will I be penalised for a Liberty RA withdrawal?

Typically, if you have made your Liberty RA account paid up, Liberty will already have deducted any termination charges.

I tried doing a withdrawal and something went wrong. Will I pay an administration fee if the withdrawal isn't successful?

No, the administration fee will only be charged on a successful submission.

Is the administration fee applied before or after tax?

The administration fee is deducted before applying for tax.

If you terminate your fund membership and have already made a withdrawal within the tax year, can you make another withdrawal at resignation?

You can make an additional withdrawal in the same tax year only if the balance in the savings component is less than R2 000.

Are unclaimed benefit members included in the two-pot system?

No, unclaimed benefit members are not included in the two-pot system.

Are paid up members included in the two-pot system?

Yes, paid-up members will be included in the two-pot system.

Why does the value of my savings pot change?

The value of your savings pot can change daily because it’s invested in the market.

How is the savings pot invested?

The savings pot is invested the same way your retirement pot is invested since the main objective is to grow your money until retirement.

Am I allowed to transfer my savings pot to my retirement pot?

Yes, you can, however, remember that means you no longer have access to the amount transferred to the retirement pot.

Is my R550k benefit at retirement reduced if I withdraw from my savings pot?

Vested pot withdrawals will reduce the tax-free benefit at retirement, whereas savings pot withdrawals will not.

What will happen when you retire after the two-pot retirement system is implemented?

At retirement, you will have access to the 3 different components. There are different rules for each component.

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