Categories: GEPF

How Much Of My Pension Can I Withdraw

When it comes to withdrawing from your pension, its rules and limits solely rely on the kind of pension plan you have and the set of rules governing it. In some Pension Schemes, you are only allowed to withdraw twenty-five percent of your lump sum contribution while the remaining is used for buying of annuity.

Note that it is important to understand the specific rules in your community or under the pension plan as they influence how much you can withdraw and the implications associated with the Pension Scheme Plan.

READ HERE: Can I withdraw money from GEPF?

How Much Can I Withdraw From My Pension

Government Employee Pension Fund(GEPF) members are only allowed to withdraw a percentage of their retirement contribution or savings when the two-pot retirement system is implemented. The system will only allow members to access a quota of their savings. It only allows its members to make withdrawals per year provided the minimum balance reaches the threshold of R2,000.

At What Age Can Someone Begin To Withdraw From Their Pension Scheme

To get access to your pension scheme one must obtain the age of 55 and above to be able to access his or her pension scheme.

Necessities Needed For Withdrawal

A copy of the completed withdrawal form
Original certified copy of your ID or Passport
Completed form of ACB Bank Particulars

Legitimate Copies of Documentation of Proof Of Retirement

Proof of termination of service is required
For early retirement, a copy of an approval letter which should be signed by the Head Of the Department
Discharge due to medical health conditions stating it reason for discharge

ALSO READ: Can I borrow money from my GEPF?

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