This blog post will provide a comprehensive overview of the benefits available upon resignation, the options for payout, and the application process. Whether you’re considering resigning or just curious about the process, this guide will help clarify your options and obligations.
Benefits on Resignation
Upon resignation, members can choose between two options for their GEPF resignation payout:
- Cash Resignation Benefit: This option allows members to receive a cash lump sum payment deposited directly into their bank account.
- Transfer to an Approved Pension Preservation Fund: This option enables members to transfer their pension benefit into an approved fund, ensuring that they continue to save for retirement while deferring tax payments.
Option 1: Cash Resignation Benefit
If a member opts for a cash resignation benefit, the following steps and documentation are required:
How to Apply for the Cash Resignation Benefit
- Documents Required:
- A certified copy of the member’s bar-coded ID or valid passport (not older than six months).
- A completed Personal Details form (Z864).
- A completed Banking Details form (Z894).
- A completed Resignation Choice form (only for resignation, not discharge).
- For married members, a certified copy of the marriage certificate.
- If divorced, the divorce order and settlement agreement, along with a certified copy of the ex-spouse’s bar-coded ID and their Banking Details form if applicable.
- Certified copies of birth certificates for children, if any.
- Submission: The Human Resources (HR) department must complete the Withdrawal from Fund Application form (Z102) and submit it along with all required documents to GEPF.
Once processed, members will receive a cash lump sum, after tax deductions, deposited into their bank account.
Option 2: Transferring to an Approved Pension Preservation Fund
Opting to transfer the resignation benefit to a pension preservation fund can be advantageous. By choosing this route, members can avoid immediate tax implications, as tax is deferred until they eventually withdraw funds from the new pension preservation fund.
Advantages of a Pension Preservation Fund
- Retirement Savings: Members are required to keep at least two-thirds of the transferred amount until retirement, ensuring long-term financial security.
- Tax Benefits: No immediate tax is payable upon transfer.
How to Transfer to an Approved Pension Preservation Fund
To facilitate a transfer, the following documentation is required:
- Documents Required:
- A certified copy of the member’s bar-coded ID or valid passport (not older than six months).
- A completed Transfer Application form (Z1525) signed by the member and a representative of the new pension fund.
- A completed Personal Details form (Z864).
- A completed Resignation Choice form (only for resignation).
- A certified copy of the marriage certificate for married members.
- Divorce-related documents, as mentioned in the cash benefit section.
- Certified copies of birth certificates for children, if any.
- Submission: Similar to the cash benefit, the HR department must complete the Withdrawal from Fund Application form (Z102) and submit it with all other documentation to the GEPF.
Overview of Public Universities in South Africa
Here's an overview of some public universities in South Africa, including general admissions requirements and estimated application periods. Keep in mind, specific program requirements and dates can vary significantly, so it's important to check each university's official website for the most current information.
University of Pretoria
- Admissions Requirements: National Senior Certificate with minimum scores in specific subjects related to the chosen program; for international students, equivalent qualifications.
- Application Period: Usually opens in March and closes at the end of July for most programs.
University of Cape Town
- Admissions Requirements: National Senior Certificate with pass levels required for degree study; subject-specific requirements depending on the program.
- Application Period: Application opens in April and closes at the end of July.
Stellenbosch University
- Admissions Requirements: National Senior Certificate with required marks; some programs have additional testing.
- Application Period: Opens in March and typically closes at the end of June.
University of the Witwatersrand
- Admissions Requirements: Matriculation certificate with university exemption; required scores vary by faculty.
- Application Period: Begins in March and ends on the 30th of September.
University of Johannesburg
- Admissions Requirements: Matric exemption with a minimum APS score; specific subject requirements based on the faculty.
- Application Period: Opens in April and generally closes by the 30th of September.
University of the Free State
- Admissions Requirements: National Senior Certificate with specific marks for the program applied to; additional requirements for certain courses.
- Application Period: Typically opens in April and closes at the end of August.
University of Venda
- Admissions Requirements: Completion of the National Senior Certificate with an endorsement for diploma or degree studies; specific APS scores needed.
- Application Period: Usually from May to September.
University of Fort Hare
- Admissions Requirements: National Senior Certificate with university exemption; certain programs may have specific requirements.
- Application Period: Opens around May and closes at the end of September.
University of the Western Cape
- Admissions Requirements: National Senior Certificate with specific performance levels; additional requirements for certain programs.
- Application Period: Generally from May to September.
North-West University
- Admissions Requirements: National Senior Certificate with university exemption; program-specific requirements may apply.
- Application Period: Opens in March and usually closes by the end of August.
Rhodes University
- Admissions Requirements: National Senior Certificate or equivalent; minimum academic performance in certain subjects.
- Application Period: Applications open in April and close at the end of September.
Nelson Mandela University
- Admissions Requirements: National Senior Certificate with required scores for chosen programs; portfolio or additional tests for some faculties.
- Application Period: Opens in April, with a deadline at the end of August for most programs.
Cape Peninsula University of Technology
- Admissions Requirements: National Senior Certificate with specific scores; additional requirements for certain courses.
- Application Period: Opens in May and typically closes by the end of September.
University of Limpopo
- Admissions Requirements: Senior Certificate with endorsement for diploma or degree courses; specific APS scores for different programs.
- Application Period: From April to September.
University of Zululand
- Admissions Requirements: National Senior Certificate with an endorsement for bachelor’s degree studies; specific score requirements for various programs.
- Application Period: Usually between April and November.
Central University of Technology
- Admissions Requirements: National Senior Certificate with specific scores for the chosen field of study; additional criteria for certain programs.
- Application Period: Application period generally starts in May and ends in October.
Vaal University of Technology
- Admissions Requirements: National Senior Certificate with a pass that qualifies for admission to bachelor’s degree, diploma, or higher certificate programs.
- Application Period: Typically from May to September.
Walter Sisulu University
- Admissions Requirements: National Senior Certificate with required scores for chosen programs; additional criteria for certain faculties.
- Application Period: From April to September.
This list provides a starting point for understanding the admissions landscape across South Africa's diverse higher education institutions. Given the variability in programs and requirements, it's crucial to consult each university's website for the most accurate and up-to-date information.