Question:
I'm working for a outsourcing agency.Our provident fund was by liberty life, nw MEIBCO, I'm waiting they phone me said I'm going to be paid out that money, while other workers were paid out already.Can tht money be invest in 10x
Answer:
David, Ideally, if you wish to invest with 10X, you would transfer the proceeds from your old fund directly to a 10X preservation or retirement annuity fund. You would then avoid paying tax on the payout. If you have chosen to receive the cash instead, you can still invest with 10X, but you would first pay tax on your payout (only the first R25 000 is paid out tax-free). With us, you can then only invest the money in a 10X RA (minimum investment amount is R50 000). Your money would then be "locked up" until you are at least 55 years old, and you would have to purchase an annuity with two-thirds of your investment when you do access it.
