Taxation Death

This amount applies to the aggregate of all retirement fund lump sums received over the member’s lifetime. This means that the member’s dependents cannot get R500 000 tax free from a Retirement Annuity and R500 000 from this Fund. Both benefits will be added together and the first R500 000 will then be tax free.  The balance will be taxed according to this scale.

Any withdrawal benefit previously received tax free by the deceased member, as well as tax-free portions for amounts paid out in respect of divorces or maintenance orders, after 1 March 2009, will also be deducted from the tax-free amount.

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