Question:
I have a preservation pension fund value of R92000.00. I would like to withdraw 90000. How much tax or penalties will I pay. How long does it take to pay out.
Answer:
Colleen, What was the point of keeping R2 000 in your preservation fund? If this is your first withdrawal from a retirement fund, you will pay tax of R11 700.
The information and answers supplied in this section do not constitute advice as defined by the Financial Advisory and Intermediary Services Act, 37 of 2002.
