Question:

Dear Sir/Madam, I have withdrawn a partial balance from my acumen preservation fund before the retirement age of 55, of which I am now 47, bearing in mind that I may retire from the fund at the age of 55 onwards. Is it possible for me to withdraw the remainder of my preservation fund? I am in a dire financial situation as my daughter has been accepted at University for 2014 and I have no other option as I am unemployed at present and she does not have any other financial assistance or bursaries in her first year. All the institutions only provide financial assistance to 2nd-years after evaluation of their academic achievement in their first year. However, I have approached my provident fund administrator, which is Robson Savage, and they told me that I can only withdraw when taking early retirement at age 55. Please advise as to what I can I do as I am in desperate need of money for my child’s education at present. Regards Ivan Lindile Vuntu

Answer:

A member is entitled to one full or partial withdrawal before retirement age. After that, the balance can only be accessed at retirement from age 55 onwards.