If you are thinking of leaving your job, these products can assist in preserving your existing investment with your current employer up until retirement.
Withdrawing funds from the pension or provident fund will result in you being taxed according to legislation. By preserving funds in a preservation fund, no tax liability will arise on the transfer of the funds into the preserver.
The preserver ensures continued growth and preservation of retirement funds through two plans:
- Pension Fund Preserver: Only transfers from a pension fund or pension fund preserver may be made to this fund.
Provident Fund Preserver: Only transfers from a provident fund or provident fund preserver may be made to this fund.