What Retirement Benefits Counselling would mean to retirement fund members and the financial advice industry. For years I have been calling on the retirement fund industry to provide financial education to their members. This is a...
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How much tax will I pay if I cash in my pension?
Willie writes: I am planning on leaving my employer after 25 years and I want to cash in my pension fund of R2.1 million. How much tax will I pay? I am 50 years old. Maya replies: When you resign and cash in your pension, the tax is worked out on a...
Retirement reform going ahead
By Vickie Lange, Institutional Best Practice Specialist at Alexander Forbes Last year the tax changes to all retirement funds and the retirement benefit changes to provident funds (together known as T-day changes) which were originally scheduled...
Saving for retirement
In Episode 5 of Change in your Pocket, we look at the various options available when it comes to saving money for your retirement. https://youtu.be/UIyKKLfYcyo – Video supplied by BrightRock Welcome to The Change Exchange, where we are helping you...
The impact of debt on our retirement
Debt is the main reason people withdraw their retirement benefits when changing jobs, according to key findings of the 2015 Sanlam Benchmark Survey, a comprehensive annual review of South Africa’s retirement industry. After interviewing thousands...
How to stick to your New Year’s resolutions
We know if we want to lose weight we need to eat less and exercise more and we know that in order to grow wealth we must spend less and save more. So why then do we give in and buy the chocolate bar at the counter when we purchase our groceries, or...
Should I pay off my bond with my pension?
If you cashed your pension in to pay off your bond make sure you replace it over time. Sego writes: I have R100 000 from my pension fund which I cashed out last year. I am 30 years old and have a retirement annuity which I took out recently. Should...
The truth about retirement reform
Setting the record straight in terms of how the government's proposed retirement reforms will affect you. Over the last few weeks vested interests have tried to create fear and confusion around the proposed retirement reform. Between unions flexing...
Store your pension money in a preservation fund
“I am about to change company and will receive R157 000 between my pension and provident fund. After tax I should receive R130 000. I have bank loans along with my wife of about R70 000, and we also want to renovate our kitchen and bedroom. What do...
The best way to preserve your pension
David Elliott of Marriott Asset Management explains how to choose between a preservation fund and a new employer’s pension fund when moving jobs When you change jobs, you receive a pension pay-out, but the best thing to do with these funds is to...
