I was under the impression that I only get taxed on the cash withdrawal and the transfer to my personal retirement annuity fund was tax free? So if I want to withdraw some of the cash, I will not be able to do that?
TaxTimsays: 15 July 2015 at 14:19
It is only tax free if you transfer from one fund to another fund such as from a pension fund to a pension preservation fund. What type of fund is the ABSA Wealth Builder?
Thandosays: 15 July 2015 at 15:09
It is a provident fund, I have R286,000 on the fund and I want to transfer R150,000 to my personal retirement annuity fund at Liberty and withdraw the rest as cash.
TaxTimsays: 15 July 2015 at 15:41
You need to transfer it to a Provident Preservation Fund in order for the amounts not to be taxed - however you can speak to your RAF provider at Liberty to see if they can assist you in setting up a tax free transfer.
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