How Do I Access Pension Funds
How Do I Access Pension Funds
Pension funds are a pool of money set aside by the government, employers, and other organizations to provide retirement income for employees or members. These funds are invested overtime to generate returns, to ensure that retirees retire with enough money in their coffers. It is often managed by professionals to ensure they generate adequate returns while minimizing risk.
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How Do I Access Pension Funds
You are not eligible to access any pension fund once you resign or change your work. It is saved until you are ready to retire from your work and when you retire you can choose to take the money as a lump sum or move it to your retirement savings pot. The pension funds can be redrawn in portion and the remaining can also be redrawn when you retire permanently.
How The Two-Pot System Work
The two-pot system gives members access to some of their savings for urgent purposes, 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.
Payment Dates Of GEPF
- 30 April
- 31 May
- 30 June
- 30 July
- 31 August
- 30 September
- 29 October
- 30 November
- 31 December
- 28 February
- 31 March
What Else You Should Know About The GEPF
The GEPF encourages members to approach their retirement savings with a preservation mindset, considering the long-term impact of their decision. By diversifying financial planning and maintaining retirement savings, individuals can ensure stable and comfortable retirements while safeguarding their financial future. The GEPF is committed to providing clear information and a seamless experience for members, and further details on partial withdrawal procedures will be communicated as they are finalized.
For more information visit the official website HERE