Insolvency Act, No. 24 of 1936
R 385
"savings withdrawal benefit"
means a portion of the member’s share of the value in a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund that the member has elected to withdraw from the portion of his or her share allocated to the savings component provided by that fund before termination of membership of the fund: Provided that—
| (a) | the member’s right is limited to one withdrawal during a year of assessment; |
| (b) | where a member has multiple contracts in the same fund, one withdrawal during a year of assessment may be made from each of the contracts; and |
| (c) | the value of each withdrawal, before taking into account any charges or transaction costs, may not be less than R2 000: Provided that where a member terminates their membership in that fund within any year of assessment, such member may be allowed a withdrawal of the total balance in the savings component whether or not such member has made a withdrawal from that fund as contemplated in paragraph (a) or (b) during that same year of assessment; |
[Paragraph (c) of the proviso substituted by section 1(m) of the Taxation Laws Amendment Act, 2026, Notice No. 7344, GG54448, dated 1 April 2026 - comes into operation on 1 March 2026 and applies in respect of years of assessment commencing on or after that date (section 1(5))]
[Definition substituted by section 1(1)(zG) of the Revenue Laws Second Amendment Act 44 of 2024 Notice No. 5738, GG51828, dated 24 December 2024 - comes into operation on 1 September 2024 (section 1(2))]
