T
Thobani
1 reviews | Active since Sept 2024
19 Sept 2024, 13:54
Query on Vested Fund Withdrawal
<div>I have sent an email querying withdrawal processes on my vested fund. It’s a week later and i have not received a response to my query as a long time member of 10x, the lines are not going through as well. The response i got on email for my query from ++++ seemed automated as it told me about the two-pot system savings withdrawal even though i specified on the email what my query relates to.</div>
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Replies (2)
10x Investments's replyOfficial
20 Sept 2024, 13:36 Dear Thobani
Thank you for reaching out.
According to the Pension Fund and Income Tax Act you can only withdraw from your retirement pot. The vested pot is not applicable to your Retirement Annuity as the rules prior to September 2024 will still be applicable.
1.1 The total investment value of your 10X Retirement Annuity investment account is less than or equal to R15,000 and you are not contributing to the fund anymore; or1.2 You are emigrating from South Africa and your emigration has been approved and recognized by the South African Revenue Services and the South African Reserve Bank (SARB). Your emigration application was submitted on or before 28/02/2021 and approved by SARB on or before 28/02/2022; or1.3 You have not been a South African tax resident for an uninterrupted period of at least three years on or after 01/03/2021; or1.4 You are a non-resident who has left South Africa because your work or visit visa has expired, as contemplated in the Income Tax Act.
There are certain requirements for each type of withdrawal type.
In South Africa the minimum retirement age is 55 years old. This means if you do not meet the above criteria you would need to retire from the fund when you reach 55 years old.
Regards,
The 10X Team
Thank you for reaching out.
According to the Pension Fund and Income Tax Act you can only withdraw from your retirement pot. The vested pot is not applicable to your Retirement Annuity as the rules prior to September 2024 will still be applicable.
1.1 The total investment value of your 10X Retirement Annuity investment account is less than or equal to R15,000 and you are not contributing to the fund anymore; or1.2 You are emigrating from South Africa and your emigration has been approved and recognized by the South African Revenue Services and the South African Reserve Bank (SARB). Your emigration application was submitted on or before 28/02/2021 and approved by SARB on or before 28/02/2022; or1.3 You have not been a South African tax resident for an uninterrupted period of at least three years on or after 01/03/2021; or1.4 You are a non-resident who has left South Africa because your work or visit visa has expired, as contemplated in the Income Tax Act.
There are certain requirements for each type of withdrawal type.
In South Africa the minimum retirement age is 55 years old. This means if you do not meet the above criteria you would need to retire from the fund when you reach 55 years old.
Regards,
The 10X Team
10x Investments's reply20 Sept 2024, 13:36
Official
Dear Thobani
Thank you for reaching out.
According to the Pension Fund and Income Tax Act you can only withdraw from your retirement pot. The vested pot is not applicable to your Retirement Annuity as the rules prior to September 2024 will still be applicable.
1.1 The total investment value of your 10X Retirement Annuity investment account is less than or equal to R15,000 and you are not contributing to the fund anymore; or1.2 You are emigrating from South Africa and your emigration has been approved and recognized by the South African Revenue Services and the South African Reserve Bank (SARB). Your emigration application was submitted on or before 28/02/2021 and approved by SARB on or before 28/02/2022; or1.3 You have not been a South African tax resident for an uninterrupted period of at least three years on or after 01/03/2021; or1.4 You are a non-resident who has left South Africa because your work or visit visa has expired, as contemplated in the Income Tax Act.
There are certain requirements for each type of withdrawal type.
In South Africa the minimum retirement age is 55 years old. This means if you do not meet the above criteria you would need to retire from the fund when you reach 55 years old.
Regards,
The 10X Team
Thank you for reaching out.
According to the Pension Fund and Income Tax Act you can only withdraw from your retirement pot. The vested pot is not applicable to your Retirement Annuity as the rules prior to September 2024 will still be applicable.
1.1 The total investment value of your 10X Retirement Annuity investment account is less than or equal to R15,000 and you are not contributing to the fund anymore; or1.2 You are emigrating from South Africa and your emigration has been approved and recognized by the South African Revenue Services and the South African Reserve Bank (SARB). Your emigration application was submitted on or before 28/02/2021 and approved by SARB on or before 28/02/2022; or1.3 You have not been a South African tax resident for an uninterrupted period of at least three years on or after 01/03/2021; or1.4 You are a non-resident who has left South Africa because your work or visit visa has expired, as contemplated in the Income Tax Act.
There are certain requirements for each type of withdrawal type.
In South Africa the minimum retirement age is 55 years old. This means if you do not meet the above criteria you would need to retire from the fund when you reach 55 years old.
Regards,
The 10X Team
T
Thobani's updateReviewer Update
10 Oct 2024, 14:34I have instead opted for the permitted withdrawal and it was processed by the 10x team and paid into my account within 4 days.
Great service, though still think the automated “robot like” email response needs more refining to ensure accuracy in response to queries.
Thanks 10x team for the great service.
I will rate 9/10 based on the resolution of the new ticket i raised for the withdrawal.
Great service, though still think the automated “robot like” email response needs more refining to ensure accuracy in response to queries.
Thanks 10x team for the great service.
I will rate 9/10 based on the resolution of the new ticket i raised for the withdrawal.
T
Thobani's update10 Oct 2024, 14:34
Reviewer Update
I have instead opted for the permitted withdrawal and it was processed by the 10x team and paid into my account within 4 days.
Great service, though still think the automated “robot like” email response needs more refining to ensure accuracy in response to queries.
Thanks 10x team for the great service.
I will rate 9/10 based on the resolution of the new ticket i raised for the withdrawal.
Great service, though still think the automated “robot like” email response needs more refining to ensure accuracy in response to queries.
Thanks 10x team for the great service.
I will rate 9/10 based on the resolution of the new ticket i raised for the withdrawal.