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Mike says: 29 July 2015 at 1:04 I'm over 55 years of age and was retrenched at the end of March 2015. Following retrenchment I chose to transfer my provident fund to a preservation fund. Now, four months later, I'd like to withdraw the full benefit (more than R1 050 000) as a lump sum from the preservation fund. Will I still be taxed for the lump sum withdrawal as a retrenched person (i. E involuntary termination of employment) or will I now incur the higher rates applicable to persons who terminate employment voluntarily. |
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TaxTim says: 29 July 2015 at 8:00 Unfortunately you will not carry the benefits across if you chose to withdraw before the age of 65. |
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Mike says: 29 July 2015 at 12:58 Thanks, I'm 57, and that is exactly what I needed to know! |
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TaxTim says: 29 July 2015 at 20:39 Only a pleasure! |
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