Question:
Hi, I'm 34 years old and have been with my employer for about 15 years. I would like to know if can I make a cash advance on my provident fund, because I would like to purchase a house. Am I allowed to and, if I am, how do I go about doing this?
Answer:
Oniel,
You are allowed, in terms of the Pension Funds Act (provided you comply with the laid-down restrictions, ie the house must be for you and/or your dependants); however, your specific fund rules must also permit this. Your starting point is your HR department - they will know whether your fund rules permit housing loans, and how you go about applying for one.
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.
