Pension and Provident Preservation Plan
Protect your retirement savings when changing jobs to ensure you can retire comfortably with the money you have worked so hard to save up.
Protect your retirement savings when changing jobs to ensure you can retire comfortably with the money you have worked so hard to save up.
You may be tempted to cash in your pension and provident funds, but it's more prudent to take a long-term approach as you could land up with a large tax bill with no provision for retirement.
Grow your retirement savings by preserving your pension and provident funds on resignation, dismissal, or retrenchment.
Your retirement savings are not interrupted as it preserves all your contributions to date and your investment growth is tax-free.
Grow your retirement savings safely as you progress through your career and change jobs and retirement funds.
If you cash in your pension and provident fund, you could pay tax of up to 36%, depending on the amount withdrawn.
Select who will receive the money in the Preservation Fund in the event of your death, subject to the Pension Funds Act and trustees.
You can transfer your retirement savings into an FNB Living Annuity or FNB Lifetime Income Plan to provide you with a regular income when you retire.
The two-pot retirement system will allow retirement fund members to make partial withdrawals from their retirement funds from 1 September 2024.
