Following the implementation of the two-pot retirement system on September 1, 2024, many South Africans will be interested to find out how much they could possibly receive should they make a withdrawal from their savings pots.
The South African Revenue Services (Sars) is offering South Africans a two-pot retirement system calculator that allows people to calculate what their withdrawal will be when they make a withdrawal.
According to Sars, the calculator will help pension fund members with an illustrative amount of what they can possibly expect as a payout.
Sars said that all of the information that pension fund members provide must be accurate and relevant in order to get a clear estimate of the payout.
Here is a step by step look at how people can find out what their withdrawal amount will be:
Step One
Pension fund members will need to fill in their personal details like their name, surname, identity number and their tax number.
If members are unsure of what their tax number is, then on Sars two-pot retirement system calculator homepage, there is the option to find out what their tax number is.
Members will also need to fill their annual income and the amount of they plan to withdraw.
Then click next.
Step Two
After clicking next, pension fund members will be directed to a different page where they will need to fill an OTP code that will be sent their cellphone via SMS or to their email. They can click next.
Step Three
Pension fund members need to take a look at the calculation result.
At the end of the process, Sars does say that they figures that are shown are simulation based on the data that pension fund members provide and they may change when their final tax directive is issued or their next return is submitted.
Additional fees that be deducted by the fund administrator are not included in the simulation.
Pension fund members need to remember that while there is maximum limit on how they can withdraw, the withdrawal will be subject to what has accrued in the savings pot.
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