Retirement Annuity FAQ
Does SA tax law permit early retirement due to retrenchment?
Telkom Retirement Fund (TRF) rules state that I can, with approval from Telkom, go on early retirement between 50 and 55. If, due to retrenchments, I am forced to go on early retirement at 51 I assume I can transfer my money from the TRF to a living annuity. If I can do this then will I immediately start getting a monthly income out of it or will my money lie in wait until I am 55 before I can draw a monthly income?
How is my lump sum pay-out taxed?
I received my 1 third lumpsum in February 2014 from Absa who is the pension fund administrator.I am not satisfied with the tax deductions on my lump sum payment. Please assist
Can I surrender my retirement annuity?
Can I surrender my retirement annuity? Which steps do I follow? How long will it take? Who do I contact?
Is there any way I can access or borrow the funds in my RA?
I am currently unemployed. My finances are a mess; I'm broke and have no assets left to access to pay my bills. I have an Old Mutual RA which has since also gone into a paid-up status due to my unemployment. Is there any way I can access or borrow the funds in my RA? I have R14 000 in the policy. At this stage I need funds to pay for my studies and the arrears on my rent. I do not have any means of income at the present time and rely on family for day to day living. I am so tired of hearing I cannot access the fund. I...
Can I borrow or draw funds from my retirement annuity?
Can I borrow or draw funds from my retirement annuity? I have a financial crisis and require urgent access to the policy. It is an Old Mutual RA. Kind regards Karen Kloppers
