Tax hit deters some two-pot withdrawals
Fund administrators reveal surprise trends in first weeks of new system
12 September 2024 - 05:00
Momentum, which offers retirement solutions at its five businesses, says most people are opting not to cash out their “two-pot” system payout after they realise the tax implications.
“Many enquiring applicants decided to not apply following the use of calculators and advisers, which indicated a large personal income tax amount they would have had to pay,” said Anneke Hanekom, head of reputation management and group CEO of projects at Momentum...
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