Your resignation and retrenchment benefits

People can change jobs throughout their working life, so it is important that you understand what benefit you will receive from the Fund if you should leave before you retire.

What benefit do I receive on resignation or retrenchment?  

On resignation or retrenchment you will receive your Member Individual Account. The tax treatment of this benefit is dealt with under “Taxation of Benefits”.

What options do I have with my resignation or retrenchment benefit? 

You have the following options in respect of the benefit:

  • You can elect to receive your entire benefit as a cash lump sum;
  • You can preserve your benefit for retirement (transfer your benefit to an approved preservation Fund; Retirement Annuity Fund; or your new employer’s Retirement Fund) 
  • You can elect to preserve your benefit in the PetroSA Retirement Fund. In this case you will only receive a benefit, after tax, once you retire.