Savings Pot Withdrawals
What can I take from each pot in an emergency?
From 1 September 2024, you can take money from your Savings Pot once a tax year (i.e. between 1 March and the end of February) if the balance is at least R2,000. Remember: taking money out means you’ll have less saved for retirement. You will be taxed at your marginal tax rate and pay an administration fee. It’s best to only take money out in emergencies.
What can I take from my Savings Pot if I resign or am dismissed or retrenched?
If you have not withdrawn from your Savings Pot in the tax year, or if the balance in your Savings Pot is less than R2000, you can withdraw any amount in your Savings Pot. You will pay tax at your marginal tax rate. (If you leave your benefit in the UCTRF or transfer it to Another Retirement Fund no tax is payable.)
What can I take from my Savings Pot when I retire?
You can take any remaining money in your Savings Pot in cash at retirement. This will be taxed as a Retirement Benefit (and not at your marginal tax rate).
Tax and fees
Withdrawals from your Savings Pot are taxed heavily and an administration fee may also be deducted. For an indication of the tax payable on withdrawals from your Savings Pot see the Benefit Taxation Calculator.
In addition, if you have any outstanding tax debt, this may be deducted from your Savings Pot withdrawal amount. To find out how to check if you have an outstanding tax debt click here.
Members who were 55 or older on 1 March 2021
Note: If you 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.
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