Divorce Orders

Divorce seems to be another reality of life. Your Fund Value forms part of your overall assets and a portion is often paid to the ex-spouse in the case of divorce, depending on your marriage contract and divorce order. The portion payable to your ex-spouse will depend on the portion/percentage specified in your divorce order and is called the “pension interest”.

“Pension interest” is defined in the Divorce Act as the benefit to which a member would have been entitled in terms of the Rules of the Fund if his/her membership had been terminated on the date of the divorce.

Information to be contained in your divorce order

The following information must be included in your divorce order, otherwise the Fund cannot pay the ex-spouse directly:

  • The name of the Fund: TFG Retirement Fund (registration number 12/8/10150/2)
  • The percentage (0% - 100%) or the actual Rand amount to be paid to the ex-spouse
  • An order to the Fund to endorse the Fund’s records and to pay the pension interest of the ex-spouse directly to him/her.

When is it payable?

Your ex-spouse may claim and receive the portion of the member’s pension interest that is assigned in terms of the divorce order or the order of dissolution of a customary marriage, soon after the order has been granted. Your ex-spouse does not have to wait until you exit the Fund.

Who is responsible for paying the tax?

The tax on the ex-spouse’s benefit will be paid by the ex-spouse.

The date of the divorce must be during the period that you were a member of the TFG Retirement Fund in order for the divorce order to be valid on the Fund. 

 

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