Question:
I might be moving to new job, have been here for 11 years, so have a bit put away. Moving now would mean i loose any bonus for the year. So was wondering if can I withdraw a small portion and the remainder i can put into my next provident fund at the new company? need the money for college fees. i am on 10x Provident fund.
Answer:
Alison, Yes, on changing jobs, you can withdraw a portion of your retirement fund and transfer the balance to a preservation fund or your new employer's provident fund. By withdrawing before you transfer to a preservation fund, you are then allowed one further (full or partial) withdrawal from the preservation fund before retirement (earliest age 55).
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.
