Business FAQs
Our comprehensive range of retirement products is designed to give you the security and peace of mind you deserve when thinking of your savings. Whether you're just starting to plan for the future or looking to enhance your existing investment strategy, our FAQ section aims to answer all your questions, helping you make informed decisions and navigate the path to a comfortable and financially stable retirement.
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How long does it take for thefund to pay out the withdrawal benefit?
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 10 business days for 10X to pay out the funds.
If it takes longer, you should follow up with our administrator to see what is holding up the process (or request your previous HR department to follow up on your behalf).
Will being fired affect my provident fund pay-out?
Your provident fund benefit is your fund credit, which is made up of total contributions invested in the fund, plus the net investment return earned by those contributions. Irrespective of whether you retire, resign, or are retrenched or fired, you are still entitled to the fund credit. So being fired will not affect your fund pay-out.
How long does it take to receive your provident fund pay-out?
With the introduction of the two-pot system on 1 September 2024, understanding the timeline for receiving your provident fund payout has become slightly more complicated.
The duration largely depends on the type of withdrawal you're making and your specific provider. Let's break it down for clarity.
Under the two-pot system, your provident fund is divided into three components: the savings pot, the vested pot, and the retirement pot. Each has different accessibility rules and withdrawal timelines.
For savings pot withdrawals, which are designed for pre-retirement emergencies, 10X processes most payments within 7 working days after you accept a quote. This quick turnaround is subject to successful checks, including bank account validation and obtaining a tax directive. Other providers might take longer, potentially up to several weeks or even months.
Regarding vested pot withdrawals before retirement, the process at 10X typically takes about 21 working days for complete cash withdrawals. If you're opting for transfers or partial withdrawals, you can expect a timeline of 30 to 45 working days. It's worth noting that the retirement pot is not accessible before you reach retirement age.
Several factors can influence these timelines. Your tax affairs play a crucial role – ensuring they're up-to-date can prevent unnecessary delays. Promptly submitting all required documents is another key factor in speeding up the process. Additionally, the efficiency of your fund administrator can significantly impact how quickly you receive your pay-out.
To ensure a smooth withdrawal process, keep these tips in mind: maintain current tax affairs, submit all required documents accurately and completely, and don't hesitate to follow up with your provider if you haven't received any updates.
While the two-pot system offers more flexibility in accessing your funds, it's crucial to consider the long-term impact of withdrawals on your retirement savings. Before making any decisions, we encourage you to explore our Two-pot Calculator. This tool can help you understand the impact of early withdrawals from your savings pot.