All you need to know about divorce and pension fund benefits.
You are entitled to 50% of the value of your spouse’s Retirement Fund or Retirement Annuity if you are married in community of property or out of community of property with Ante Nuptial Contract (ANC ) with accrual.
Ensure that your settlement agreement states that you receive 50% of the gross amount, as you are liable for the tax.
The name of the Fund and the Policy Number or Member Number must be stipulated in your settlement agreement.
Make sure that you get the full value of your spouse’s contribution, as well as the company’s. It is transferable/accessible on the date of the divorce order.
Your spouse’s employer may have a Provident Fund AND a Pension Fund. If so, claim your 50% from both funds. This includes all Retirement Funds and Preservation Funds.
How do you ensure you can claim this benefit? Read the following article from Mail & Gaurdian online.