When I Retire

Retirement Benefits

When you retire, all your retirement savings (Fund Credit) will be available to you.

  • Normal retirement age is 63 years.
  • Your retirement date is the last day of the month in which you have your 63rd birthday.
  • You may take an early retirement from age 53 onwards, provided that you have obtained the consent of your employer to retire early.
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How will your Fund Credit be paid to you?

  • You may take up to one third of your Fund Credit as a cash lump sum.
  • Any cash lump sum withdrawn, will be taxable. The first R500 000 however, will be tax-free.
  • You must use the balance (after your cash lump sum withdrawn) to purchase an annuity from an insurer of your choice.
  • When you transfer the balance to an insurer of your choice, it will be tax free.
  • This balance that is transferred will fund your future pension income payments, which will be taxed.

If you do not require an income immediately

You can defer taking your retirement benefit and leave your money invested in the Woolworths Group Retirement Fund.
  • You will continue earning investment returns on your retirement savings (Fund Credit).
  • You will no longer make contributions to the Fund.
  • You will no longer qualify for any of the insured benefits such as death benefits, disability benefits and funeral benefits.
  • You will continue to pay investment fees and costs.
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2 Years to Retirement Workbook

At Woolworths, the compulsory retirement age is 63. It is ideal to work and save right up to your retirement day to ensure that you have enough money to live on when you retire.

Retirement may seem like it's still a long way off, but a lot of planning and preparation needs to take place between now and then to ensure that you have a smooth and hassle-free retirement.

Download the PDF

An A-Z for When you Retire

This brochure recaps your retirement benefits and provides you with important information that you will need to make a smooth transition from being an employee to becoming a retiree.

Find out more about your activities, funeral benefits, insurance, meal vouchers, etc.

Download the PDF

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Retirement Forms

  • Click on the form that you need to download the PDF.
  • Complete all the necessary fields and remember to sign it.
  • If you need to, print the form out to sign it.
  • Send the completed form to your HRA, unless otherwise instructed on the form.
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