Transcription of DEFINED CONTRIBUTION FUND TAX CHANGES PENSION, …
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DEFINED CONTRIBUTION FUND TAX CHANGES PENSION, …
January 2016 Page | 1 Robson Savage is a licensed Financial Services Provider, license number 16359 DEFINED CONTRIBUTION fund TAX CHANGES pension , provident AND retirement ANNUITY FUNDS WHAT IS THE R247,500 LIMIT ? In some circumstances, members of retirement funds will not be required to use some of their money to buy a pension income at retirement . For members of pension and retirement annuity funds, there has always been a limit on the amount of money they must build up before it is compulsory to buy a pension at retirement this limit will increase from 1 March 2016. For members of provident funds, the same structure will apply for the first time from 1 March 2016. BACKGROUND The Income Tax Act requires that on retirement from DEFINED CONTRIBUTION pension and retirement annuity funds, no more than one third of the value of a member s benefit can be taken in cash. The balance, at least two thirds of the benefit, must be used to provide a pension income for the retired member.
January 2016 Page | 1 Robson Savage is a licensed Financial Services Provider, license number 16359. DEFINED CONTRIBUTION FUND TAX CHANGES PENSION, PROVIDENT AND RETIREMENT ANNUITY FUNDS
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