When you resign, abscond, are dismissed or retrenched from your employer and you decide to leave the Road Freight industry – your total vested retirement fund savings/fund credit will be paid out to you as a lump sum
Withdrawing from the Fund
When you exit the Fund you can:
- Transfer your benefit to your new employer’s Fund;
- Transfer your benefit to a preservation or retirement annuity fund of your choice; or
- Your fund savings can be paid as a cash payment into your bank account.
- Defer the payment of your benefit and retain it in the Fund as a paid-up benefit
Note on retrenchment
If you are involuntarily retrenched – the exit is seen as a retirement from the Fund and the benefit is paid as a retirement benefit.
The first R500 000 can be taken tax free.