GEPF

Can I Access My Pension Money

Accessing your pension money is a vital decision that can remarkably impact your financial decision. Whether you’re approaching your retirement age or facing unexpected financial challenges, being conscious of how or when to access your pension money is crucial. Depending on the type of pension plan be it a defined benefit or defined contribution plan or even a personal plan.

This write-up will help you navigate the different types of ways to access your pension money as well as factors to consider when making withdrawals.

READ HERE: Is it better to take a lump sum or monthly pension?

How To Access My Pension Money

Eligibility: You will start receiving your pension money once you have reached the retirement age set by the government.
Defined Contribution Plan: You can access your pension money either by lump sum payment or by buying of annuity at the age of 55-60 you can access your funds.
Defined Benefit Plan: This type of pension pays a fixed amount to employees based on their salary and the number of years of service.

Payments Dates For Remittances

30 April
31 May
30 June
30 July
31 August
30 September
29 October
30 November
31 December
31 January
28 February
31 March

How The Two-Pot System Work

The two-pot system gives members access to some of their savings for urgent needs, whilst protecting the steady and reliable income after retirement. It’s an approach that carefully balances the need for long-term retirement security with the ability to meet immediate financial challenges.

What To Do When Taking Pension Money On Early Retirement

A member can choose to retire anytime after his or her fifty-five birthday and before he or she turns 60 years, old if the written permission of the employer is received and the member is been conscious of the penalties. Below are the legal papers to provide when claiming your pension money.

A completed Z102 form
A completed Z894 form
A completed Z583 form if the member has more than ten(10) years of service and is a member of a medical aid scheme
A letter of approval for early retirement, signed by the member’s Head of Department
A certified copy of the member’s green bar-coded identity document that is not older than six months
A correct and completed Retirement Choice form

Generally, pension funds are designed to provide income on retirement, and many plans impose age restrictions or early withdrawal penalties. In most cases, you can begin to withdraw your pension money once you have attained a certain age that is 55 or 60 years.

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