Question:
Hi, I transferred my funds from GEPF to a preservation fund and was not advised that I could only withdraw 1/3 of the balance. Can I get this transaction reversed? I resigned to start my own business and only wanted a certain amount transferred into the preservation fund for my retirement. Now GEPF does not want to accept the money back and the preservation fund administrator refused to do the transfer. Regards DH
Answer:
DH,
Unfortunately, neither option is possible, you are bound by your previous decision. The terms and conditions of your GEPF preservation fund (which you would have acknowledged) should have explained the restrictions on this money. You should not, in any event use your retirement savings to start a business - as the name implies, this money is intended to provide for you in retirement, and it is for this reason only that the state subsidises this type of saving. To start business, you should access funding from an appropriate source, i.e your discretionary savings or a bank loan.
