Withdrawal Benefits

Members may only withdraw from the UCTRF when they leave employment. The withdrawal benefit is not affected by the reason for ending employment (such as resignation or dismissal), except that retirement tax rates apply if the member is retrenched. On withdrawal, members will receive their Accumulated Retirement Savings.

under Section 37D of the Pensioner Funds Act, certain amounts may be deducted from your Combined Retirement Savings before benefits are paid

These include:

Tax on the Benefit outstanding housing loans secured by members' Combined Retirement Savings as suretyArrear maintenance payments awarded via a court order

Amounts awarded to an ex-spouse via a Divorce Order not previously paidlosses due to employee fraud or theft, with either admitted liability or judicial judgement against the employee

These amounts will be deducted proportionately from the Vested Share and the Non-Vested Share of your benefit.

For more information on the tax payable on withdrawal, resignation or dismissal, please see the Taxation of Benefits section.

Click to read the Taxation of Benefits

What options do I have at withdrawal?

When you leave the UCTRF, you have the following options:

Options when leaving the fund

  • Leave your benefit in the UCTRF as a Deferred Pensioner. In this case, you may leave your benefit in the UCTRF until you retire (from the age of 55 onwards) or until you elect one of the options set out in 2 to 6 below.

  • Take your money in cash (but beware of the tax payable).

  • Transfer your money to your new company's approved fund.

  • Transfer your money to a Retirement Annuity Fund.

  • Elect to take a portion of your withdrawal benefit in cash and transfer the balance to your new company's approved fund, approved retirement annuity fund or an approved Preservation Fund.

  • Transfer your money to a Preservation Fund.


Please Note:
 The options may sound technical, but it’s not that complicated – click here to take a look at each of these.


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