Preservation funds

Are you moving to a new company? Are you unsure of what to do with the money you have invested in your retirement fund with your former employer?  

Continued investment for retirement is vital. Growing your capital and preserving the tax status of this investment can make a substantial difference to your retirement benefits.

The answer to your needs is a preservation fund. 

Why should you consider a preservation fund?

  • You have an existing benefit in your current employer’s provident or pension fund and are moving from your employment as a result of retrenchment, resignation or dismissal
  • Your membership of your current fund needs to end because, for example, the fund is closing
  • You are a non-member spouse and wish to transfer the portion allocated to you on divorce to a preservation fund, subject to legislation

The advantages are many

  • You can transfer funds tax free by moving from a pension fund to a pension preservation fund or from a provident fund to a provident preservation fund
  • You preserve the tax status and continue to grow your capital
  • You are able to make one full or partial withdrawal before retirement age of 55 years. Once you have made a partial withdrawal, the remaining balance cannot be accessed until retirement age
  • You do not need to move your investment if you change jobs in the future
  • You can add to your existing preservation fund when you leave employers in the future
  • You do not have to wait to resign from an employer to make a withdrawal

Apply now for a preservation fund or contact one of our expert financial advisers to assist you.


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