Options After Turning 65

Turning 65 means that a fund member has reached the standard retirement age. It is an important age in terms of member options, which are determined by the working-status of the member. By turning 65, the member is considered to be retired and entitled to all accumulated benefits. However, to make contributions after turning 65, the member must work at least 40 hours in a consecutive 30-day period. Contributions are then possible at any time in the financial year after those 40 hours are worked.

If the member is 65 or more and worked more than 40 hours in a 30-day period in the current financial year

Responsibility of the trustee: monitor the work situation. Contributions can be accepted in that financial year, but only after work has been completed of at least 40 hours in a 30- day period.

Options for the member: make a decision in terms of the either remaining as an accumulation member or requesting a full or partial benefit payment, as well as deciding whether to make further contributions, either via an employer or directly by the member. If the member wants to take some or all of the accumulated benefit, he or she needs to decide on the type of benefit and advise the trustee as soon as possible. The options are taking a lump sum benefit or starting an account based pension. A combination is also possible.

When the member turns 75

No more contributions are possible.

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