Question:
I resigned on the 10th of last month so my last day is next week, 10 October 2013. I completed my forms with the provident fund consultant and opted to have the first R22 000 paid out in cash and for the rest to be reinvested. If my tax affairs are in order and I submitted all the necessary documents, how long does your first provident fund withdrawal take to be paid out?
Answer:
Fiona, Provided your tax affairs are in order, and you have submitted all the required documents (such as a copy of your ID, a completed instruction form stating where the money should go, and proof of banking details), it normally takes 14 to 21 business days for the funds to be paid out at 10X. Most other administrators take a bit longer. If it takes much longer, you should follow up with the administrator to see what is holding up the process. If the administrator does not give you any joy, you should follow up with your previous HR department to ensure they follow up on this matter. Note that the clock only starts once the administrator has received your last contribution or your instruction form, whichever is the later. As you will still be a paying a part-contribution for October (which will be paid at the end of October), be prepared to wait until end of November or even December.
