For Business

What percentage tax is deducted on pension fund withdrawals?


What percentage tax will be deducted on pension fund withdrawals of R50 000 rand?


Assuming you have not previously withdrawn from a retirement fund, the first R22 500 is paid out tax free, and the balance to R50 000 is taxed at 18%. So you would effectively pay tax of R4 950 on pension fund withdrawals of R50 000 (ie average rate of 10%).

How can we 10X Your Future?

Begin your journey to a secure future with 10X Investments. Explore our range of retirement products designed to help you grow your wealth and achieve financial success.