Question:
I'm not working anymore so I need to cash in my Momentum workplace fund. I've only been with them for 14 months and want to know how much will my retirement fund pay out and how to claim. Thanks
Answer:
Lizzy,
You will receive the net contributions invested in your fund account, plus the net investment return earned on those contributions, net of withdrawal lump sum tax (if applicable). To withdraw, you need to speak to your former employer's HR department. They will send you a withdrawal notification form, which you must compete and return, together with any required supporting documentation (copy of ID/proof of your banking details). The HR representative will then send the documents to Momentum, who will then get a tax directive from SARS, before paying you out your balance.
