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Withdrawal from Retirement Annuity

Withdrawal from retirement annuity

  What qualifies as a withdrawal from a retirement fund? Withdrawal tax tables Withdrawal tax calculator Request a free summary of RSA Retirement Annuities

What qualifies as a withdrawal from a retirement fund?

In most instances it is not possible to withdraw funds from your RA before you turn 55. If you run into financial difficulties before then, you can stop making contributions and the benefit will stay in the fund, and grow until you retire from it.   Nowadays, the entire benefit amount in the RA (not only a third) can be withdrawn as a lump sum if the benefit is less than R7 000. Moreover, should a member emigrate, the entire benefit can be taken as a lump sum subject to exchange control. In case of divorce, the court can also make an order in terms of which the non-member spouse may be allowed to access a portion of the benefit, subject to certain tax rules.

Withdrawal tax tables

At early withdrawal from all retirement funds, i.e. retirement annuity, pensioen, provident and preservation funds the withdrawal tax table (this calculator) apply. Withdrawals from retirement annuities are only possible under the following circumstances before 55:   Full cash withdrawal if total fund value is smaller than R 7000 Withdrawal in terms of a valid divorce decree Full withdrawal as a result of emigration Withdrawals from pension, provident and preservation funds are only possible under the following circumstances: Full withdrawal as a result of the dissolution of the employer fund Full withdrawal as a result of the termination of pension or provident fund membership because of resignation, dismissal or retrenchment Full cash withdrawal if total fund value is smaller than R 7000 Withdrawal in terms of a valid divorce decree Full withdrawal as a result of emigration

Withdrawal tax calculator

Request a free summary of RSA Retirement Annuities

If you are considering to withdraw 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

Answer the questions to calculate your tax on withdrawal:
 
Withdrawal benefit R
Your contributions that were not permitted as deductions R
Previous withdrawal benefits received on or after 01/03/2009 R
Retirement fund lump sum benefits received on or after 01/10/2007 R
     
   
     
Tax according to the withdrawal tax table
 
Tax now payable R
Withdrawal from Retirement Annuity
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