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Hi There I have been working for the government for 10 years and I would like to resign ( GEPF) . Is there a way to use some Of my pension and put the rest into a Preservation fund. What % is taxed?


Per their rules, you cannot take a portion as cash and preserve the rest. What you can do is transfer the whole amount into a preservation fund. You can then withdraw up to one-third as cash but you must then use the remainder to buy an annuity at retirement. The cash you draw will be taxed as follows: your benefit relating to pre 1 March 1998 is not taxed, the benefit relating to post 31 March 1998 service is taxed per the withdrawal lump sum tax table. The benefit is split on a straight-line basis (pre and post 1 March 1998 service, based on the number of completed years’ service). The withdrawal lump sum tax table is as follows: the first R25,000 is not taxed, the balance to R660,000 is taxed at 18%, the balance to R990,000 at 27% and the remainder at 36%. This will happen in any case at retirement.

Getting more.. By making the correct preservation and investment decision you can get up to 15% more for a limited time only.

Get in contact and let’s assist you today!

Risk planning could take part of many forms and many people are sometimes penny wise and pound foolish when they act hastily in setting up structures.

Risk planning started when ships travelled from Europe to other countries, losing fingers, arms, legs and their lives. These sailors could pay a small fee to cover each body part and is known today as functional impairment. Insurance has developed into better cover across the globe.

Keyman Insurance

Keyman insurance is an arrangement whereby an employer insures the life of a key employee for the purpose of compensating for the loss of income that the employer would suffer in the event of the employees death or disability thereby ensuring the successful continued business operation.

Keyman insurance guarantees that cash will be able to absorb any disruptions to the business protecting existing credit facilities and provide the necessary funds for the recruitment and training of a replacement.

The employer will be able to deduct the premiums for income tax purposes if the policy conforms to section II(w) of the Income Tax Act. No income tax implications are incurred by the employee. The proceeds will be taxable in the hands of the employer if the premiums were deductible in terms of section II(w).

Buy and Sell

Buy and sell insurance should be taken out by the co-owners of the business to ensure that there will be funds available to purchase deceased or disabled co-owners interest.

Each co-owner will consequently own a policy on the life of the other and pay the premiums under the policy of which they are the owners. When more than one co-owner is involved, the policy on the life of each co-owner will be co-owned by the other co-owners, proportionate to their interest in the company.

The premiums are not tax deductible by the co-owners as the proceeds will be tax-free.

Contingency Liability

A contingent liability arises when one or more co-owners sign surety for the loans or other credit facilities of the business. The co-owner/s will therefore be bound jointly and severally for payment of the debt incurred by the business.

The policy should preferably include disability cover and the amount of life and disability cover should be equal to the loan amount. The business pays the premiums and an agreement is entered into between the business and the member / co-owner in terms of which the business undertakes to apply the proceeds of the policy to the repayment of the loan giving rise to the personal guarantees given by the member / co-owner.

If the policy is conforming the proceeds will be taxable in the hands of the employer.

There has been dramatic development on this subject in 2011 and many business owners do not have the correct documentation which has put themselves, partners and workers at risk.

Contact us to update your business documents

Also see My Business for more business related articles


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