Compulsory Retirement

Compulsory retirement occurs when an employee voluntarily retires, disengages or is disengaged from active service before attaining the age of 50 or upon completion of the length of service based on the terms of his/her employment.

A RSA Holder in this category can only access up to 25% of the balance in his/her RSA 4 months after disengagement while the balance can only be accessed after the retiree attains 50 years of age through Enbloc, Programmed withdrawal or Annuity payment options.

 

Requirements

  • Completed Application Form
  • A letter of notification of retirement issued by his/her employer.
  • A document confirming that the retirement is in accordance with terms and conditions of his/her employment.
  • Pay slip or evidence of total annual remuneration.
  • Evidence of any accrued pension rights/acknowledgement of indebtedness (for an employee in the private sector) as well as any outstanding pension contribution.
  • Bank account details:
  • One passport photograph
  • Birth Certificate or age declaration
  • Means of identification:- any of the following:
    • National identity card
    • Valid international passport
    • Valid driver’s license

Letter of confirmation of identity from his/her bank or a notary public