For Business

How long will my pay-out take after resignation?

Question

I resigned from my company on the 15th of March, is it right for my previous employers to only submit my claim on the 12th of April, almost one month later? I was under the impression it is submitted when I leave the company. Almost a month has passed and only now has the process started.

Answer

The pay-out process starts once the fund administrator has received both your final contribution and the fully completed withdrawal forms. If you resigned mid-month, the fund would only receive your last contribution around month's end, so the deal is not as long as you imagine. Assuming your tax affairs are in order, a pay-out usually takes around 4-8 weeks from that point. If you belong to an industry (bargaining council fund) then there is usually a mandatory waiting period which can be up to six months long.

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