Leaving your employer

Your options when leaving

What you need now can seem more important than what you might need in the future. Making use of the relevant information, support and advice available to you makes it easier to reach your shorter-term and longer-term goals.

The decisions you make when you leave your employer affect your financial future

Your retirement savings decision

How can you protect your retirement fund savings for your future self when you change jobs?

You can keep your money invested.

To help you decide, find out more about your options when leaving your employer:

  • Watch this video to help you decide, or
  • Read this brochure to help you decide.

If you’d like to keep your retirement savings invested for your future self to reduce the risk of not having enough to live on after you retire, these are your options.


Tip!
Keep your retirement savings invested whenever you change jobs instead of withdrawing this money in cash so that you can use it to buy a pension that you can live on one day when you are no longer working.

Where can I find out how much I’ve saved with Alexforbes?

Sign up or log in to our website to get this information.

You can also visit the app store to download our app.

Once you understand your retirement savings options, you will need more information that's specific to your fund or employer's benefits

Your member booklet or benefit schedule has the details of the benefits and options that are specific to your employer or fund, including the following information:

  • Available investment portfolios
  • Percentages you can choose from to save for retirement every month (contribution rates)
  • Available insurance benefits

You can get your member booklet from your human resources department.

Find out more about your retirement saving options as you prepare to leave your job

For more information that's specific to your fund or employer's benefits find out more

Watch

this video to find out more about your options

Read

this brochure for more about your options

Read

to find out more about the importance of having a will and keeping your beneficiary nomination form updated

What happens to my retirement savings if I emigrate?

Speak to a licensed financial adviser on 0860 000 381 or email mymoneymatters. Find out what you can do with your savings and what the tax implications are.

Is someone you know leaving their employer?

Email them a link with important information that will help them through the decisions they will need to make when it comes to their retirement savings and changing employers.

Being informed and knowing if you’re on track to meet your retirement savings goals are important steps you can take to improve your financial picture.

Explore your retirement picture in 7 fun steps.

My Retirement Picture

More about My Retirement Picture

  • In My Retirement Picture you can find out:
    • What pension you can expect when you retire.
    • If you will have enough to live on after you retire from your job.
    • Ways you can improve your retirement picture.
  • Who is My Retirement Picture for?
    • It’s for anybody at any age.
  • How much does it cost?
    • It doesn’t cost anything. Anybody can use it.
  • Build your personal retirement picture using this exciting new interactive and gamified tool.
  • Watch the introductory video about My Retirement Picture to find out more before you get started.
  • Give us feedback on My Retirement Picture.

EXPLORE MORE ABOUT DAY-TO-DAY FINANCIAL MATTERS

Saving for emergencies

Saving for emergencies

If you had an emergency, would you have enough savings?

Find out more about being prepared for emergencies.

Reducing expenses

Reducing Expenses

Did you know that people who have a budget and stick to it have a better chance of reaching their goals?

Find out more about how to reduce your expenses and get started with a budget.

Being prepared

Being prepared

If the unexpected happened, like death or disability, would your financial needs or your family’s financial needs be taken care of?

Find out more on the ways you can be prepared.

Managing debt

Having more debt than you can afford can be stressful. If you’d like to have more control over your finances, read more here.

  • Read more about the difference between good debt and bad debt here.
  • Unplanned expenses sometimes lead to borrowing money even when you don’t want to. Find out more about being more financially prepared for emergencies here.
  • Find out more about being on top of your debt here.

Reaching your goals

Reaching your goals

Saving for goals means:

  • having a plan
  • managing priorities
  • getting your loved ones to help you stay on track with your plan

Watch this webinar about managing money to support you along the way to reaching your goals.

GET HELP! Speak to a licensed financial adviser on
0860 000 381 or email mymoneymatters@alexforbes.com

Health challenges

Health challenges

These days we’re often thinking about health. Are you prepared for health challenges?

Find out more about how to choose the right medical aid for your budget.

Other useful information about your retirement fund

  • What’s a retirement fund?

    When you’re no longer earning a salary at the end of your working life, you can use your savings in your retirement fund to buy a pension that will give you regular income. Your employer has provided you with a provident or pension fund.

    How does a retirement fund work?

    • Every month, you, your employer or both make contributions to your fund.
    • These contributions are saved towards your retirement. You can use your retirement savings to buy a pension that will give you a regular income in retirement.

    How much your pension will be depends on:

    • how much you or your employer contribute during your working life
    • how investments have performed
    • whether you keep your retirement savings invested instead of taking them in cash when you change jobs
    • the cost of buying a pension when you retire
  • A benefit statement shows:

    • how much you’ve saved so far for retirement
    • the pension you can expect based on the information we have about you

    Here’s an explanation of your benefit statement.

    View your benefit statement by logging onto the Alexforbes website or by downloading the AF app on the Apple App Site or the Google Play Store.

  • If you decide to withdraw, rather than preserve your retirement savings, this is how you’ll be taxed: During your lifetime, you can take a total of R500 000 of your retirement savings tax free on retirement. However, all amounts you withdraw in cash (exceeding R25 000) before retirement will reduce this amount. How much you are taxed depends on how much you take and when you take it.

    SARS sets the amount of tax you pay on any amount you withdraw. This can change from time to time. The latest information is available on SARS’ website. A financial adviser can help you work out how much tax you may need to pay if you plan on withdrawing any of your retirement savings in cash when you leave your job.

  • If you decide to withdraw any of your retirement savings in cash if you are retrenched, you may have to pay tax. SARS sets the amount of tax you pay on any amount you withdraw, depending on how your employer has classified your retrenchment. The rate of tax you must pay changes from time to time. This information is available on SARS’ website. A financial adviser can help you work out how much tax you may need to pay if you plan on withdrawing any of your retirement savings in cash when you have been retrenched.

    It is especially important to have the support of a financial adviser if you have been retrenched, especially if you don’t find another job straight away or think you’ll struggle to cope financially. A financial adviser can help you make the most of what you have and try to keep as much of your retirement savings invested for your future self at the same time.

  • My retirement savings will stay invested so that they can carry on growing.

    It is very important for you to keep your contact and other details up to date with Alexforbes so that you can keep receiving information about your retirement savings.

    Please get in touch with the Client Contact Centre to update your details.

Contact us

GET HELP

Questions about a claim or processes:
Client Contact Centre: 0860 100 333 | ccrfadmin@alexforbes.com


Understanding your options or help making a decision based on your personal circumstances (advice):
My Money Matters Centre: 0860 000 381 | mymoneymatters@alexforbes.com