Frequently Asked Questions

Provided that there is no other valid reason for your claim to be delayed, your Provident Fund value should be paid out between 6 - 8 weeks from the later of:

1. Final contributions received and receipted

2. Fully completed withdrawal from received

Together with your FULLY completed AND signed and stamped withdrawal document, please also send:

• Clear certified Copy of ID document

• Clear bank statement with your Initials and Surname

• Valid Tax reference number

1 September 2024

Effective 1 September 2024, your existing retirement savings and your future contributions will be divided into three components (previously referred to as pots). Your accumulated retirement savings up until 31 August 2024 will go into a vested component.

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Going forward:

• One-third of your contributions will go to your savings component. This will receive a once-off capital boost from your vested component (minimum of 10% of your retirement fund value on 31 August 2024, up to R30,000). After that, one-third of all new contributions will go into this component, which will also grow by investment returns.

• The remaining two-thirds of all new contributions will go into a retirement component. These contributions, together with all further growth and earnings, cannot be touched until retirement. These savings must then be used to buy a retirement income, unless legislated minimum values apply.

Employee Contribution:

• The amount deducted from the member‘s monthly salary.

• The entire amount is credited directly to the member’s investment portfolio each month.
   

Employer Contribution:

• The same amount (as deducted from the Employee contributions) is paid by the company

• This amount is used to pay for Risk premiums (e.g. life cover, funeral, disability), commission to the broker appointed by the Employer and administration fees due to WSM Employee Benefits.

• The balance of the Employer Contribution after these costs is credited to the Member’s investment portfolio.