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The says: 4 January 2016 at 14:51 I have both a pension fund and provident fund at my current employer. I plan to resign prior to the introduction of the retirement reform legislation thus before 01/03/2016. Would it be possible for me to have just one of the 2 funds paid out and taxed and to invest the other in a retirement annuity. Also my assumption would be that I would only be taxed on the fund which is paid out. Thanks for your assistance. Kind regards |
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TaxTim says: 5 January 2016 at 8:22 Yes, only the fund you withdraw from will be taxed, however by withdrawing now it does affect any tax free benefits you get when you withdraw from one later on after retirement. The only time you get a tax free benefit now is if you transfer these funds to a preservation fund now. |
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The says: 5 January 2016 at 8:26 Thanks for the advice, it was helpful. |
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TaxTim says: 5 January 2016 at 8:28 Only a pleasure! |
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