The central retirement annuity fund has been around since 1 June 1960, which makes it older than many of the people who now pay into it. The fund began life under the Afrikaans name Sentrale Uittredingannuïteitsfonds, and it is registered…
Change jobs three times and you can easily end up with three retirement funds, three sets of fees and three statements you never open. A consolidated retirement fund brings those pots together into one, so you can see what you…
A retirement fund of R1 million sounds like a lot until you turn it into a monthly income. Drawn at a sustainable rate, it might pay you around R3,300 a month. That gap between the size of the pot and…
Every month, 1% of your salary goes to the Unemployment Insurance Fund (UIF), and your employer adds another 1%. You have paid in for decades, so it feels natural to ask whether that money is waiting for you when you…
Over 2 million savings pot withdrawal applications were processed in the first few weeks after the two pot system launched, and a fair number of those people later admitted they wished they’d thought it through more carefully first. So is…
Your employer shuts its doors on a Friday, and by Monday half the staff are asking the same question: what happens to my retirement money now? It’s a fair worry, and with the two pot system if employer goes bankrupt,…
A member earning R380,000 a year sits comfortably in the 31% tax bracket. She pulls R60,000 from her savings pot to cover a car repair and school fees, and suddenly a chunk of that withdrawal gets taxed at 36%, not…
Your car repayment does not pause because your job did. Neither does your home loan, your credit card, or the store account you opened three Christmases ago. This is the part of retrenchment nobody explains properly, and it is exactly…
Your retrenchment letter lands on a Tuesday. You still have eleven days of annual leave sitting on your payslip, and your last day of work is three weeks away. Can you use that leave now, or does taking it complicate…
More than a million South Africans applied for a two pot withdrawal in the first six weeks after the system opened, and if your fund is administered by NBC Holdings, your entire claim happens through one portal called NBC Land.…