Resigning from the public service

2024-07-11 00:56| 来源: 网络整理| 查看: 265

The advantage of this option is that tax is not payable on resignation when the amount is transferred straight into an approved pension preservation fund. However, tax is payable if and when the member leaves the new pension preservation fund that he or she has transferred into.

GEPF will transfer the member’s actuarial interest in the Fund into the new approved fund. The actuarial interest is the value of his or her “share” in the Fund. This amount is calculated using a set formula specified in GEPF’s rules.

To qualify for the transfer option, the member must choose an approved pension preservation fund. This means a pension preservation fund or retirement annuity, and not a provident fund.

The difference between the two is this:

In a pension preservation fund a member is forced to leave at least two-thirds of the money being transferred into the new fund until retirement. This means a member is still making provision for own pension, which is in one’s best interests. In a provident fund, a member is allowed to withdraw the full amount before retirement. This could leave a member without a pension when one needs it one day.

For any questions about approved pension funds, or any other aspect of pensions, members are invited to visit the nearest the GEPF Walk-in-Centre or call the toll free Call Centre on 0800 117 669.

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