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Retirement fund withdrawal

Posted 15 January 2016 under Tax Q&A


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Anonymous says:
13 January 2016 at 18:43

Hi, I am changing jobs, and I have the option of withdrawing some or all of my current balance in my provident fund. Please advise on the rules surrounding withdrawals. Is there any limit to how many times one may withdraw in lifetime? I will leave my current job at the end of Jan, so it still falls under the current system. Will any of the changes to RA that come into effect on 1 Mar 16 affect these withdrawal rules.

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TaxTim TaxTim says:
14 January 2016 at 8:08

What type of fund is it?

Anonymous says:
14 January 2016 at 8:48

Old mutual superfund.

TaxTim TaxTim says:
14 January 2016 at 17:17

For provident funds you can withdraw all the contributions paid at one go without limitations.

Anonymous says:
15 January 2016 at 8:20

So there is no limitation to the number of times in my lifetime that I can withdraw?
So for example I will withdraw now, and in 10 years, will I be able to withdraw funds again? All of this before my retirement.

Thanks in advance.

TaxTim TaxTim says:
15 January 2016 at 13:12

For provident funds this is usually the case, you can confirm Old Mutual however.


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