18 Jul How long does it take for my withdrawal benefit to be paid when I leave an employer?
Your employer’s HR department plays an important role in the processing and payment of withdrawal benefits. They will guide you through the process and make sure that your withdrawal form is correctly completed to avoid unnecessary delays. Aim to get it right first time.
The fund administrator will receive your final pension fund contribution and completed withdrawal form by the 7th of the month.
The updated schedule is received on the 15th which shows your final fund contribution. Only then does the process start as all systems are now updated.
Factors which can delay the payment process include:
- Tax related complications which require clarification from SARS.
- 37D deductions, housing loans, divorce orders, maintenance orders or employer debt which may require offsetting or result in disputes.
When all requirements have been met, the payment should take 10 working days.
To safeguard your interests, there are several important and binding Acts and Regulations which legislate the way that Salt Employee Benefits and your Employer manage and process claims. When completing a claim document, ask your HR department to assist you to complete the forms correctly and answer your questions. We also have a client contact service to assist you further.