Question:
I am a male of 59 years of age and paid R265 per month towards my pension fund with Old Mutual. I want Old Mutual to pay me out the full balance out so that I can start my own living and earn more of what they pay me. The balance is not more than R54 000. I don't want to rely on the government pension, because it is there for those who are in need of it. How do I get my fund paid out to me, and what is needed from me to get it paid out?
Answer:
Pule,
It sounds as though you are invested in a living annuity. You can normally request the full balance once the balance drops below R50 000, unless you took one third of your retirement fund balance as a lump sum, in which case you need to wait until your fund balance drops below R50 000.
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.
