When can I retire?

• At the Normal Retirement Date
• Early retirement
• Late retirement
• Although you cannot retire from the UCTRF before you have retired from your Employer, you do have the option to defer your retirement from the UCTRF even after you have retired from your Employer. In other words, you can elect to receive your Retirement Benefit at a later date.

These amounts will be deducted proportionately from the Vested Share and the Non-Vested Share in your Vested Pot, your Retirement Pot and your Savings Pot.

These include:

        

   

Early Retirement

With your Employer’s consent, you may retire early from age 55 onwards. You will have the same options as those who retire at the Normal Retirement Date. At the request of your Employer, you may retire from your Employer and the UCTRF at any time before the Normal Retirement Date, due to operational requirements or ill-health.

Late Retirement

With consent from your Employer, you may also retire later than the Normal Retirement Date, but your UCTRF death cover will stop at the Normal Retirement Date. The lump sum disability cover reduces proportionally in the 5 years prior to the Normal Retirement Date. Your separate lump sum death cover will continue until the earlier of your retirement from the Employer or age 70.

My options at retirement

Your retirement is an important milestone in your life. Most people hope to be able to maintain a reasonable lifestyle in their golden years.

At retirement from the UCTRF you will receive your Accumulated Retirement Savings. As this money will have to last you for the rest of your life, it is important that you don’t take decisions at retirement lightly.  It is recommended that you speak to a FAIS-accredited financial advisor of your choice to assist you with this important step. For further information regarding appointing a financial advisor and preferential rates offered to UCTRF members click here.

At retirement you have the option to take the following as a lump sum:

1. All of your Savings Pot
2. All of the Vested Share in your Vested Pot
3. 1/3rd of your Non-Vested Share in your Vested Pot.  
4. If the total of your Retirement Pot plus 2/3rds of the Non-Vested Share in your Vested Pot is less than R165 000, you may take your entire Vested Pot and Retirement Pot as a lump sum.

Any portion of your Retirement Benefit that you take as a lump sum will be taxed according to the retirement tax table. For an indication of the tax payable on withdrawals from your Savings Pot see the Benefit Taxation Calculator. 

The balance of your Accumulated Retirement Savings, after the deduction of any lump sum payment, must be used to buy a pension. There are various pension options available. Please refer to the Retirement Guide for an explanation of these options.

Note: If you were a member of the UCTRF who was 55 or older on 1 March 2021 (i.e. you were born on or before 1 March 1966) and  you did not elect to participate in the Two Pot System before 1 September 2025 the above does not apply to you.  Click here for more information.

See also the different calculators in our Toolbox  to assist you with this important step.