Cashing in your pension whether you resign, retire or are retrenched can be the worst option. Retirement PersonalFinance Find out more details below 👇
Moving your benefit to preservation funds
If you choose this option, you will not pay any tax on the benefit. You can choose where your retirement benefit is invested and you can switch investment portfolios when you need to. Preservation funds allow you to make one withdrawal if you need emergency savings at a later stage, but only if you did not take a portion in cash when you left the company.
“It is important to remember that if you take a withdrawal, it will reduce your retirement savings and you will have to pay tax on any cash that you take out. If any deductions are made before you transfer to a preservation fund , that deduction will count as your once-off withdrawal,” Buthelezi says.Another good option is to transfer your retirement savings to your new employer’s fund without paying tax.
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