Glassock

The easiest way to monitor your fund or investment return/performance is to check the current fund fact sheets for the investment portfolios you are invested in. For funds that are part of the Glassock platform, visit the member portal.

There is a different tax applicable to a withdrawal, resignation or dismissal from a fund than to a retirement or a retrenchment. Please refer to the tax tables which set out the tax applicable to each.

A defined contribution pension or provident fund is a retirement fund that sets out in the rules what you will contribute to the fund on a monthly basis (ie, defined contributions). These monthly contributions that are normally a fixed percentage of your cost to company package or salary are invested (after any costs) into an account for you each month. The growth or loss of all of these contributions over time are what you will receive as a benefit from the fund at the point that you exit.

As a leading administrator in South Africa we strive to achieve normal withdrawal payments within a six- to eight-week turnaround period from the date of receipt of your last contribution and/or receipt of your exit claim forms. Delays owing to outstanding documents or SARS-related tax queries can delay your payments.

There are four options available on a withdrawal, resignation or dismissal from a pension or provident fund:

  • You can transfer your benefit to your new employer's retirement fund tax free. Be aware that there are differing tax implications if you are transferring from a pension fund to a provident fund. Please contact your administrator who will be able to clarify this for you.
  • You can transfer your benefit to a Preservation Fund tax free. Contact a Glassock financial adviser on +27 (0)11 771 2322 if you would like assistance or find the relevant form here to start the process yourself.
  • You can transfer your benefit to a Retirement Annuity tax-free. Contact a Glassock financial adviser on +27 (0)11 771 2322 if you would like assistance or find the relevant form here to start the process yourself. 
  • You can take a cash withdrawal. This benefit will be subject to tax and the net proceeds paid to you. Please refer to the tax tables which set out the tax payable.

Members of provident funds

If you are a member of a provident fund, the following options are available to you:

  • Take the full benefit as a cash lump sum subject to tax
  • Take a portion of the benefit as a cash lump sum subject to tax and transfer the balance to a living or life annuity to provide a monthly pension
  • Transfer the full benefit to a living or life annuity to provide a monthly pension

Contact a Glassock financial adviser on +27 (0)11 771 2322 to check the tax payable on the option of your choice.

Members of pension funds

If you are a member of a pension fund, the following options are available to you:

  • Take up to a maximum of one-third as a cash lump sum subject to tax and transfer the balance to a living or life annuity to provide a monthly pension

IMPORTANT NOTICE:

GLASSOCK CLIENT DATA PROTECTION: We are committed to the protection and integrity of all client information that we receive within the prescribed legislation and framework of the Protection of Personal Information (POPI) Act 2013 and amendments. We work closely with all our stakeholders to test and ensure the ongoing protection of all client information. We acknowledge the possibility of cyber threats, to us and the financial services industry as a whole, and will continue to be vigilant and apply our policies and procedures to protect your personal information.