1
Transfer your money to your new employer’s fund.
- You won’t pay tax on the transfer, unless you transfer from a pension fund to a provident fund. In that case, the full amount will be taxed.
- You can take a portion of your fund credit in cash (which is taxable) and transfer the balance tax free.
2
Leave your money in the current fund
- You will benefit from lower fees.
- You can withdraw your full fund credit before you retire. If you withdraw only part of your fund credit, the balance must be transferred to another fund.
- You can’t make additional contributions.
3
Transfer your money to a preservation fund.
- You don’t pay tax on the money you transfer, unless you transfer from a pension fund to a provident preservation fund.
- You can make a once-off withdrawal from the preservation fund. This single withdrawal allows you to take all or part of your money in the preservation fund.
- You can transfer from a preservation fund to a future employer’s fund.
- You can’t make any additional contributions.
- The AFRIS preservation fund is available to you. You may benefit from the lower fees.
4
Transfer your money to a retirement annuity fund.
- Your fund credit is preserved for your retirement.
- You don’t pay tax on transfer.
- You can make additional contributions.
- You can’t withdraw any money until you retire, unless you emigrate.
- You can take up to one-third of your benefit as cash when you retire.
