Question posted in the General Law category relating to Gauteng
I would like to know whether Discovery would allow me to withdraw my Retirement Annuity as a lump sum,if I were to accept a mutual separation from my employment?Or alternatively resign.....(I would prefer to not resign as I would then forfeit any uif claims)
I am currently 40 years old and due to being on Temporary Lay-off,I could not afford to contribute to the fund any longer.
It is currently in paid up status and has a value of around R250k in contributions.
The funds are broken down in 2 different portfolios:
Please could you advise what my options are?Or am I not gonna get anything until the selected retirement age (age 65)
Answer to the Question
I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment, even if it is R150 or R200.
Unfortunately, no, you can't access your retirement savings until you retire, because that's the law. Even when you retire, you are only allowed to access 1/3 of the money. The rest needs to be invested into an annuity which pays out Rxxx each month to you like a pension.
Please remember this is a dialog if you have follow-up questions please make the required deposit, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make deposits for their questions - they get serviced first!