preservation fund
If you decide to cash out your benefits, bear in mind that you will be taxed as per the withdrawal lump sum table. Further, keep in mind that by cashing out your money, you will effectively interrupt the compounding process
An incorrectly drafted clause in the divorce order can result in the fund rejecting the settlement agreement and refusing to pay out the pension interest – which in turn would require the non-member spouse to bring a costly court application
Not updating your Will after your divorce can have disastrous consequences and may result your spouse unintentionally inheriting from you.
Legislation permits you to switch your living annuity to a life annuity, but not vice versa. This is because a life annuity is an insurance policy which is purchased with the capital in your investments, and therefore cannot be moved
Despite the fact that you may have nominated a beneficiary (or beneficiaries) to your retirement fund, it remains the function of the trustees to allocate and apportion these funds.
A ‘severance benefit’ is essentially the cash payment that your employer pays you as a result of your loss of employment. Our law provides that you are entitled to at least one week’s pay for each year of completed service,
If you have not previously withdrawn from your preservation fund, you can then exercise your right to make a full or partial withdrawal before the minimum retirement age.
Because women generally live longer than men, there is a very real chance that women will find themselves living alone for a period in their retirement, and this needs to be accounted for in one’s retirement plan.
