1 reviews | Active since Jun 2018
Momentum
I had a retirement annuity with momentum and cancelled it because I switch jobs, and when i cancelled it they told me that they can not pay out my money because I am not 55 years old and my fund is more then R7000. They said that my money will stay there until i am 55 years old and only then it will pay out to me. According to momenten this is said by law, I feel this is wrong it is not there money to start with.
We take note of your concerns, a manager will make contact with you to discuss the matter.
Kind regards
Michele Coetsee
We take note of your concerns, a manager will make contact with you to discuss the matter.
Kind regards
Michele Coetsee
In terms of the definition of a Retirement Annuity under Section 1 of the Income Tax Act, no 58 of 1962 (as amended), members of a Retirement Annuity fund are prohibited from withdrawing from the Fund prior to the retirement age of 55 years except where the capital value is R7 000 or less. The only exception to this law is when a member qualifies for early retirement due to ill health, or if members who emigrate/emigrated from South Africa are then allowed to withdraw their funds prior to retirement provided that they are willing to pay the full tax on that benefit, and that the emigration is recognised by the South African Reserve Bank (SARB) for purposes of exchange control.
These withdrawal restrictions are not rules drawn up by Momentum which can be changed at our discretion, but are Laws governed by Acts that Momentum as a financial institution must abide by.
Kind regards
Michele Coetsee
In terms of the definition of a Retirement Annuity under Section 1 of the Income Tax Act, no 58 of 1962 (as amended), members of a Retirement Annuity fund are prohibited from withdrawing from the Fund prior to the retirement age of 55 years except where the capital value is R7 000 or less. The only exception to this law is when a member qualifies for early retirement due to ill health, or if members who emigrate/emigrated from South Africa are then allowed to withdraw their funds prior to retirement provided that they are willing to pay the full tax on that benefit, and that the emigration is recognised by the South African Reserve Bank (SARB) for purposes of exchange control.
These withdrawal restrictions are not rules drawn up by Momentum which can be changed at our discretion, but are Laws governed by Acts that Momentum as a financial institution must abide by.
Kind regards
Michele Coetsee