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Early retirement from Retirement Annuity

Early Retirement from Retirement Annuity

  When can you retire from a fund? Retirement tax tables Retirement tax calculator Request a free summary of RSA Retirement Annuities

When can you retire from a fund?

Nowadays, regardless of your contractual retirement date on your retirement annuity, you are allowed to retire from your retirement annuity when you are 55 years old or older. However, you should take note that if your retirement annuity have not yet reached the contractual retirement date penalties could be levied against fund for costs not yet retrieved, in the older generation type products. In the event of a member becoming totally incapacitated due to sickness, accident, injury or infirmity of mind, the trustees may decide to allow the member to take early ill-health retirement before the age of 55. In this case, the member retires in the normal way and becomes a pensioner. When a member dies the benefits paid will also be taxed according to the retirement tax table.

Retirement tax tables

At retirement from all retirement funds, i.e. retirement annuity, pensioen, provident and preservation funds the retirement tax table (this calculator) apply. The retirement table (this calculator) apply to retirement at 55 or older, death or disability before retirement and involuntary retrenchment.

Retirement tax calculator

Request a free summary of RSA Retirement Annuities

If you are considering to retire from retirement funds on the books of South African Life Insurers, you can request a free personal financial report containing the policies we can locate at these insurers with the current values. To enable us to get the information from the South African Life insurers you will have to give us permission by completing an ‘Authority to obtain information’ form. On this page you have 2 options to complete the form to request your personal report: Option 1: Print the form, complete and send the signed form with a copy of your ID / Foreign Passport / VISA containing an ID photoback to us as indicated: Option 2: Complete the e-form and you will receive an email with the ‘Authority to obtain information’ form. Print this form, complete and send the signed form with a copy of your ID / Foreign Passport / VISA containing an ID photobackback to us as indicated on the form. Option 1 - Print, complete & return the form: 1. Click on the PDF link to open the ‘Authority to obtain information’ form; 2. Print & complete the ‘Authority to obtain information’ form; 3. Send the signed form back to info@plandirect.co.za with a copy of your ID /  Foreign Passport / VISA containing an ID photo. Option 2 - Complete the form to receive an email with the form to complete & instructions:
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Retirement Planning

Early retirement from Retirement Annuity
Title
Name
Surname
Phone
E-mail
 
 
Answer the questions to calculate your tax on retirement:
 
Retirement benefit R
Contributions that were not tax deductable R
Withdrawal benefit received on or after 01/03/2009 R
Previous retirement lump sum benefits received on or after 01/10/2007 R
Severance benefits received on or after 01/03/2011 R
     
   
 
Tax according to the retirement tax table
     
Tax now payable R
     

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