1 reviews | Active since Apr 2025
HelloPeter, going to need some help from someone. 31st December I was retrenched at the age of 60. However about a year earlier I had successfully negotiated with my work place to have my retirement age moved to 63. Hence I got a package. I also had my pension moved to a annuity and elected to take a 3rd. When I received this payment the total after tax was significantly less than my finicial advisor had calculated. I was told this was because SARS had seen my retrenchment package as my first withdrawal from my pension and the actual withdrawal as my second. I was told this was accumulation. So I was further taxed on my retrenchment package. How can this be. Help please
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