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ssibanda · Jun 10, 2010, 05:29 AM

I resigned from my previous employer after 5 years a year ago and joined another. The annual cost to company was R330k. My pension fund is currently with OM in the process of being transferred to a preservation fund. I would like to know how much it will cost me to do a once off withdrawal of, say, R40k? Purpose of withdrawal is to pay off debts. Is there a difference between a once off withdrawal from a preservation pension fund and a preservation provident fund? My preservation provident fund has been with OM for 6 years - no withdrawal was made from it. From Sai

ebaines · Jun 10, 2010, 05:53 AM

You're asking about taxes on pensions in India, and most of the experts in this forum are familiar with US tax law, not Indian tax law. But perhaps someone from India will be able to help you.

ssibanda · Jun 14, 2010, 04:40 AM

Originally Posted by ebaines

You're asking about taxes on pensions in India, and most of the experts in this forum are familiar with US tax law, not Indian tax law. But perhaps someone from India will be able to help you.

I do not know how India relates to the question asked by SSibanda. The question is about tax on SA pension funds/ provident funds in the process of being transferred to an SA preservation fund at Old Mutual.

ebaines · Jun 14, 2010, 05:51 AM

Originally Posted by ssibanda

I do not know how India relates to the question asked by SSibanda. The question is about tax on SA pension funds/ provident funds in the process of being transferred to an SA preservation fund at Old Mutual.

Thanks for clarifying - I saw "R40k" in the question and assumed that meant rupees, hence India. If the question is actually regarding South African Rands, then sorry I had the wrong country, but the answer still applies - not too many experts here on South African tax law.