Your Retirement Benefits

Your full Fund Credit will be available to you when you retire.

  • Normal retirement age is 63 years.
  • Your retirement date is the last day of the month in which you have your 63rd birthday.
  • Early retirement can be taken from age 53 onwards, provided that you have obtained the consent of your employer to retire early.

How will my benefit be paid to me?

  • You can take up to a third of your Fund Credit as a cash lump sum.
  • You must use the balance (after the cash lump sum) to purchase an annuity from an insurer of your choice.
  • Any cash lump sum will be taxable, although the first R500 000 will be tax-free. The balance will be transferred to the insurer of your choice tax-free, to fund your future pension income payments, which will be taxed.


Securing the correct annuity is a big decision and we recommend that you obtain professional advice. It is best to consult with a certified financial planner who can give you guidance and help you achieve your financial goals.

For FREE financial advice, contact the Alexander Forbes Individual Advice Centre (IAC) at 0860 100 444 or email them at


  • What happens to your contributions?
  • Choose how to invest your retirement savings
  • Making Additional Voluntary Contributions (AVCs)
  • Automatic Life Stage investment option
  • Life Stage Choice investment option
  • Shari’ah Portfolio investment option
  • Your options if you resign
  • What happens when you retire?
  • Your Retirement Benefit
  • Disability Benefit
  • Your Death-in-service Benefit
  • Woolworths Memorial Education Fund
  • Housing Benefit
  • General information