Question:
Good day, I paid R740 every month towards my Sanlam Umbrella Fund. I want to withdrawn now, so how much (+-) will I get out after tax please. Can you help? Thank you
Answer:
Deon,
We cannot answer your question because we do not know how much of your contribution was invested (ie what admin fees and risk premiums came off), how it was invested (what returns you earned) and what fees came off the return. Your latest benefit statement should tell you what your balance is. Your umbrella fund pay-out will be taxed per the withdrawal lump sum tax table. The first R25 000 is not taxed, any remaining amounts will be taxed at 18% (up to R600 000).
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.
