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.

FREE FINANCIAL ADVICE

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 iac@aforbes.com.

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 your 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

Retirement Forms

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