Blog Q&A Calculators Students Logbook Contact
Earn under R350,000?Click here to see why you still need to file to get your Tax Refund.
CLOSE
Don't Overpay Tax in 2017

  Make Tax Returns Quick & Easy.
  First time users SAVE 15%!

Click here

Is my pension taxed when transferring from one fund to another?

Posted 29 October 2015 under Tax Q&A


Let TaxTim
help you
submit your
Tax returns!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Get started

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
John says:
29 October 2015 at 13:06

I changed jobs and requested that my pension be transferred from the previous fund to the new fund. This was done, but the old fund was taxed. I did not withdraw any of the money, so I am inquiring if I should have been taxed or can SARS provide me with a refund?

This entry was posted in Tax Q&A and tagged , , . Bookmark the permalink.

TaxTim TaxTim says:
29 October 2015 at 13:11

Did you transfer it to a pension preservation fund?

John says:
29 October 2015 at 14:03

I am not sure. It is the retirement fund to which the company deposits my monthly pension contributions to and the fund is managed by Alexander Forbes.

TaxTim TaxTim says:
29 October 2015 at 14:14

It is only tax free if you are transferring from the same type of fund to a preservation fund of the same type. You would need to check with Alexander Forbes.


Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Let TaxTim
help you
submit your
Tax returns!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Get started

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!