South African workers contributing to the Transport Sector Retirement Fund are reminded that the deadline for Two-Pot withdrawals for the 2024/2025 tax year is fast approaching.
According to the new Two-Pot System regulations, fund members are allowed only one withdrawal per tax year. The current tax year ends on 28 February 2025, but to allow for processing times, the cutoff date for claims is 14 February 2025. Any claims submitted after this deadline will be processed for the 2025/2026 tax year, meaning the next withdrawal will only be possible from 1 March 2026.
How to Make a Two-Pot Withdrawal
To make a withdrawal, members must follow these steps:
- Check Your Eligibility
- You must be an active member of the Transport Sector Retirement Fund.
- You can only withdraw once per tax year, so ensure this is your only claim.
- Prepare the Required Documents
- Your ID or passport (certified copy may be required).
- Proof of banking details (a stamped bank statement or letter from the bank).
- A completed Two-Pot Withdrawal Application Form from your fund administrator.
- Submit Your Claim
- Claims can typically be submitted via email, through an online portal, or in person at an authorised office.
- Ensure your claim is submitted before 14 February 2025 to be processed within the 2024/2025 tax year.
- Await Processing
- Once submitted, your claim will be reviewed, and if approved, the funds will be deposited into your bank account.
- Processing times may vary, so applying early is advised.
Need Assistance?
For more information or assistance with your claim, you can contact the Transport Sector Retirement Fund via:
Telephone: 087 405 6377 or WhatsApp: 087 240 7004
Don’t miss this deadline – submit your claim before 14 February 2025 to avoid delays and ensure your withdrawal is processed in the current tax year.
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