The minimum amount should be R10 000
The following will apply to a deferred benefit:
No further contributions will be permitted
All benefits (Group life cover, ill health and funeral) ceases
The differed benefits will continue to be credited with net investment returns.
Documents required:A certified copy of your identity document, birth certificate or passport-displaying your photo and the passport’s expiry date.
Banking details (copy of bank statement stamped by the bank).
Withdrawal (Resignation, Dismissal & Retrenchment) claim form signed by the member and two Employer authorised signatories.
The withdrawal form must be stamped by the mine;
A letter stating your intention to transfer the full or part of the withdrawal benefit containing the institution’s contact details and policy details (if applicable).
An original or copy of an annuity letter, reflecting the annuity policy number (if you wish to transfer the full or part of your benefit to an annuity fund/registered pension/provident fund), or the original signed annuity application form, or the original letter from the broker (if applicable).
A foreign exchange questionnaire (if applicable).
A payslip (if your current income is less than R60 000 per year).
A letter from your employer confirming your resignation, dismissal or retrenchment.
You may take your full fund credit in cash, just remember that you will pay tax on a portion of the money.
Summary of claims process:Complete the claim form
Get the employer to sign the claim form
Prepare and ensure you have all required, supporting documents
Submit the signed claim form with all supporting documents to your HR Office
The claims process::All documents are received and verified
Claims are investigated by the trustees to determine benefit allocation
Tax calculation is applied
Bank verification is received
Payment is made