Your fund value is comprised of various pots and below are the options available per pot:

Vested Pot:

Savings Pot:

Retiement Pot:

You cannot withdraw money from your retirement pot.  Money in your retirement pot must be used to buy an annuity (monthly pension or living annuity) at retirement.

Additional Information

Click here for an explanation of terms and the definition of the pots.

Any amounts taken as a cash lump sum is subject to tax and any other tax owed to SARS will be deducted from the cash withdrawal.

A monthly administration fee will be deducted from amounts remaining in the Fund; therefore if the balance in your retirement and savings pots is small, it may be eroded over time.

It is recommended that employees consult with a financial advisor before making decisions regarding their retirement savings. 

Here we illustrate the impact on your retirement benefit:

*Assumed investment return / interest of 7% per annum

 Remember: Withdrawing retirement savings means you will miss out on earning more growth.

The Tax Calculator will assist you to calculate the tax payable on lump sum withdrawals.

Please review your benefit options indicated above as it is important to understand the options available to you.

TFG Retirement Fund uses our outsourced administrator  AlexForbes’ platform called “Digi Exits” to process claims.

Digi Exits is a self-service solution that enable employees to manage their fund withdrawal process personally and facilitates arranging retirement benefit counselling, as well as providing payment instructions

How does the process work?

Please ensure that your contact details, i.e. cell phone number and e-mail address are updated on People Connect.

Payment of the benefit will take approximately 4 to 6 weeks after the last of the following takes place:

 (The Fund’s month end refers to the process of the Fund administrator allocating the contributions and fund return to a member’s record for the month.) 

As an example:  If the employee’s last day at work was the 5th of April, the Fund administrator can only start processing the claim after the month-end process has been completed, which will be on the 15th of May. The processing of the claim then takes approximately 4 to 6 weeks to complete, which means payment will be made towards the end of June.

If the employee does not finalise their claim on Digi Exits within 30 days of receiving the email from Digi-exits, the employee will become a paid up member in the Fund.

Paid up members are still able to provide AlexForbes with payment instructions at a later stage indicating what they wish to do with their fund value and may contact the Fund administrator in this instance for guidance.

If you don’t want to access your money and keep it all in the fund, you do not have to do anything. Your money in the Fund will continue to grow with your contributions and investment returns.