Question:
Good day , I have made 2 small withdrawals from my presevation fund. Is it possible thatI CAN WITDRAW AGAIN AS do not have an income and have two children at school in matric and need to pay school funds , eat and my bond.
Answer:
Zerina, Unfortunately, our law provides that you are only allowed one withdrawal from your preservation fund before retirement (earliest age 55). This applies to each transfer into your preservation fund. Seeing that you have already made two withdrawals, this suggests that you had at least two transfer into your preservation fund. If there were more than two transfers, you will be allowed to make one or more further withdrawals (depending on the number of transfers), but otherwise not. Note that if you took some money from your retirement fund proceeds before transferring the rest into your preservation fund, then this does NOT count as a withdrawal.
