Get Fundsatwork Umbrella Funds Withdrawal Form

If your preservation fund balance exceeds R247 500 when you retire, you are permitted to make a one-third cash withdrawal, which will be taxed ingly. Thereafter, you are required to use the remaining two-thirds to purchase a life or living annuity in ance with your needs.

Full withdrawals before retirement You can make a full withdrawal from the Umbrella Retirement Fund or the Preservation Fund, if you transfer before retirement age. These will be subject to the withdrawal tax table.

Answer: Hi Darryl, Provided your tax affairs are in order, and you have submitted all the required documents (such as a copy of your ID, a completed instruction form stating where the money should go, and proof of banking details), it normally takes 14 to 21 business days for the funds to be paid out at 10X.

When you hit retirement age, you'll be able to withdraw the savings-pot money, but it will be taxed as a retirement lump sum. You can, instead, throw the savings money into the retirement pot, in part or in full, and use the whole lot to buy a retirement annuity that pays out monthly, so saving on tax.

You are allowed a full or partial withdrawal from your preservation fund before retirement. The earliest retirement date is usually 55, although this is subject to the fund rules. These issues are important because they determine if you can a) make another withdrawal and b) the tax thereon.

Completed form together with supporting documents to be faxed to 012 675 3970 or emailed to clientcontactcentre@momentum.co.za. Note We recommend that you contact your financial adviser before you make any changes to your product option, benefits and beneficiaries.

A member of the Momentum Pension and Provident Preservation Funds (the preservation fund) who transferred a pre-retirement benefit such as for example a withdrawal or liquidation benefit to the preservation fund is allowed to make one withdrawal from the preservation fund during his membership of the preservation fund.