Frequently Asked Questions
Find answers to common questions.
1. How long does it take for my Provident fund to be paid after I left employment?
Provided that there is no other valid reason for your claim to be delayed, your Provident Fund value should be paid out between 6 - 8 weeks from the later of: final contributions received and receipted, and a fully completed withdrawal form received.
2. Which other documents must be sent with my withdrawal document?
Together with your fully completed, signed and stamped withdrawal document, please also send: clear certified copy of ID document, clear bank statement with your initials and surname, and a valid tax reference number.
3. When will the 2-pot system take effect?
1 September 2024.
4. How does the 2-Pot system work?
Effective 1 September 2024, your existing retirement savings and your future contributions will be divided into three components. Your accumulated retirement savings up until 31 August 2024 will go into a vested component. Going forward, one-third of your contributions will go to your savings component and the remaining two-thirds will go into a retirement component.
5. How is my Fund Credit being calculated?
Employee Contribution: the amount deducted from the member’s monthly salary is credited directly to the member’s investment portfolio each month. Employer Contribution: the same amount is paid by the company and is used to pay for risk premiums, commission to the broker appointed by the Employer and administration fees due to WSM Employee Benefits. The balance is credited to the Member’s investment portfolio.
