GEPF

Can I Cash Out My People’s Pension

The People’s Pension is one of the popular UK workplace pension schemes that helps retirees save their money. As retirement approaches or life event circumstances happen employees wonder if they are eligible to cash out or withdraw part of their pension money. Understand how to get access to the pension fund is the potential tax.

ALSO READ: How do I find out how much I have in my people’s pension?

How To Cash Out People’s Pension

Below is what is required to cash out your pension

You must attain the age of 55 years and above
Tax -free lump sum: you are oblige to take 25% of your pension pot tax and the remaining 75% will be taxable income when you withdraw it.
Small pension pot: if your pension is worth less than 10,000 euros you may be able to take it all as cash lump sum.

Are There Charges for Withdrawing From the Pension Savings

To answer the question is No. The People’s Pension do not charge if you decide to access your pension pot.

Who Manages The Investments Of GEPF

The public Investment Corporation(PIC), is the assets management company for the GEPF and invests funds on behalf of the fund. The Public Investment Corporation is wholly owned by the South Africa government and is the only assets manager that serves South Africa’s public sector.

Benefits Of The GEPF

Resignation Benefit
Retirement Benefits
Unclaimed Benefeits
Child Pension
Spouse Pension
Funeral Benefits
Divorce Benefits

How Withdrawal Are Been Taxed By GEPF

Transfers between the different pots within the two-pot system are not considered taxable transactions since no money actually leaves the fund during these transfers.However, when it comes to partial withdrawals from the saving Pot.

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