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As a central knowledge portal to the retirement and related industries, EBnet publishes a range of daily articles submitted by a range of industry organisations, experts and contributors. Readers can also comment on and contribute to articles.

Five years ago, we wrote an article about the Effects of early withdrawals on retirement saving.

Despite many financial advisors commending us for highlighting the risks of accessing retirement fund savings prior to reaching retirement, it is somewhat surprising how many retirement fund members still access their retirement benefits before retirement without fully understanding the effect of such withdrawal from a tax point of view.

In the previous article we mentioned the obvious effect of an early withdrawal being the reduction on your retirement savings and therefore your ability to provide a...

Eskom has been granted a R69bn bailout package – however there is widespread concern around exactly how this bail out will be used – and what, if any, measures will be put in place to ensure that the funds do not go to waste into what has become known as the “black hole of funding”.

While Eskom and widespread cost cutting was the primary focus of Tito Mboweni’s budget speech, there are also some interesting points raised from a financial planning perspective. The budget is a first indication of some of the tax proposals that Treasury intends on introducing.

Lack of incentives to save is disappoi...

While Eskom and widespread cost cutting was the primary focus of Tito Mboweni’s budget speech, there are also some interesting points raised from a financial planning perspective.

Denver Keswell, Senior Legal Advisor at Nedgroup Investments says it is disappointing that this budget has not highlighted any significant attempts to encourage savings.

“Disappointingly, there is no mention of any increases to the limits on tax-free investments or incentives to promote retirement fund savings, which seems mismatched to the president’s approach to growth and savings. Another interesting observation is...

Access to Preservation funds upon formal emigration

The definition of a retirement annuity (RA) allows a member to withdraw their full benefit prior to reaching retirement - provided they have formally emigrated from South Africa and that emigration is recognized by the South African Reserve Bank for the purposes of exchange control. Access to this benefit would be a withdrawal benefit and will therefore be taxed as such.

However, the same allowance does not apply to preservation funds. Members of preservation funds are allowed one full or partial withdrawal from their fund benefit prior to reti...

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