Can I Withdraw My Pension Early
Can I Withdraw My Pension Early
Arranging for retirement is an important part of financial stability, but at times life throws unexpected life challenges that require you to get access to your funds earlier than expected. Individuals wonder if they can get a little bit access of to their pension savings before reaching their retirement age. This article will assist you in understanding whatever you need to know when it comes to withdrawing your pension
READ HERE: How do I calculate my minimum pension?
Remittance Dates Of GEPF
- 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 Withdrawals Of Pension Are Been Taxed
Transfers between the different pots within the Two-Pot system are not considered taxable transactions since no money leaves the fund during these transfers. However, when it comes to partial withdrawals from the savings pot, it is important to note that these withdrawals are treated as additional income for the member, and they are subject to taxation at the member’s marginal tax rate.
Why Withdrawals From The Saving Pot Being Taxed By PAYE Rates
The two-pot system introduces a provision for early withdrawals from the savings pot, which are treated as receiving part of your pension ahead of schedule. Such withdrawals are taxed at your current rate, aligning with the taxation of your salary, because you are still within an income-earning phase.
Benefits Of the Government Employee Pension Fund
- Resignation benefits
- Retirement benefits
- Unclaimed benefits
- Child pension
- Spouse pension
- Death benefits
- Funeral benefits
- Divorces benefits
What The GEPF Invests In
The are four assets that the Government Employee Pension Fund invests
- Equities
- Fixed income
- Properties and,
- Isibaya Fund
Client Centre
GEPF Administration Office
Building 2A, Trevenna Campus
Corner Meintjies and Francis
Baard Street
Sunnyside, Pretoria
For more clarification and updates visit the official website of the Government Employee Pension Fund and also do not hesitate to report any fraudulent activities by contacting the fraud helpline at (0800 203 900)