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Withdrawal from pension fund

Posted 3 August 2015 under Tax Q&A


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Simon says:
3 August 2015 at 18:33

I have already received my 1/3 payment and am now receiving a monthly payment. Being foolish I have misused the money. Can the pension fund pay my outstanding houseloan and reduced my monthly payment

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TaxTim TaxTim says:
3 August 2015 at 21:01

Your pension is normally a fixed monthly amount, which you may be able to change only once a year depending on what type of annuity it is (i.e "living" annuity versus "life" annuity). The level at which you withdraw is also subject to regulatory limits so you won't be able to draw a large random amount to pay into your housing loan. It is probably best to speak to your Financial Advisor who is managing your pension for further advice.


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