Claims fall into different categories, such as retirement from the fund, death while in service and withdrawal from the fund following resignation, retrenchment, or dismissal from service at your employer. Each of those categories follow specific processes, which are discussed separately.
The below steps are followed by the fund administrator to finalize the claim:
You will receive SMS’s as your claim progresses through the claims process provided that your cell phone number was updated on the claim form.
You can contact our interactive client contact center on 0861 222 588.
The tax filing season for individuals typically runs from 1 July to 23 November each year.
If you need a tax certificate, please email queriesrfa@nmg.co.za with your request and the team will forward you the necessary documentation.
Kindly send an email to queriesrfa@nmg.co.za or call our interactive client contact center on 0861 222 588 for assistance.
Please contact the administrator on email (queriesrfa@nmg.co.za) should you experience any problems with the web portal. Please include a screenshot of the issue for us to escalate the issue to our systems support department to resolve this issue.
The rules of your fund must allow for home loans. To get more information with regards to home loans, please contact your employer's resource department as they will be able to assist you with regards to any queries you may have.
The administrator’s turnaround time to process and pay out the claim is 6-8 weeks from the date we have received the claim form and have allocated the last month's contribution to the member’s record.
SARS can reject tax directive applications due to the member’s information on SARS’ system not matching with the information supplied by the member on the claim withdrawal form. For example:
If a tax directive is declined, the administrator will advise you to visit SARS to rectify the issue and provide the corrected information to the administrator to complete the processing of the claim.
19 Ameshoff Street, 9th floor, Braamfontein, Johannesburg, Gauteng, 2001, South Africa.
You can log a complaint with the administrator’s interactive client contact centre by calling 0861 222 588.
A divorce order should be sent via email to queriesrfa@nmg.co.za. The fund administrator will obtain confirmation from the NMG legal team to confirm if the divorce order is enforceable against the fund. Once confirmation is received, a letter of intent is drafted for the non-member spouse to sign and return. Once all documentation is received, the claim will proceed.
You have some options to consider at retirement, life annuities and living annuities.
You are welcome to contact an NMG financial advisor to assist you with your options at retirement, contact us on finplanning@nmg.co.za.
The amount that will be taking in cash is subject to be taxed as a lump sum. The exit event or type of exit will determine how the lump sum will be taxed and the tax rates used during the calculation.
Lump sum is grouped as per the below:
The methodology followed when calculating the tax payable on a lump sum is based on the wording of the legislation contained in section 5(1), read with the Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2017.
The relevant Tax rates applicable for 1 March 2024 or the 2024 year of assessment are quoted in the Annexure below and are different for each type of lump sum. The current lump sum payable determines which tax rate must be used.
Its important to note that all lump sum amounts taken from the dates mentioned above will be taking into account when SARS determine the tax payable amount for the current amount. The actual tax paid on previous lump sums does not form part of the calculation.
Annexure – Tax tables
Tax table for withdrawal benefits
2024 tax year (1 March 2023 – 29 February 2024)
Taxable income (R) Rate of tax
1 – 27 500 0% of taxable income
27 501 – 726 000 18% of taxable income above 27 500
726 001 – 1 089 000 125 730 + 27% of taxable income above 726 000
1 089 001 and above 223 740 + 36% of taxable income above 1 089 000
Tax table for retirement benefits
Taxable income (R) Rate of tax
1 – 550 000 0% of taxable income
550 001 – 770 000 18% of taxable income above 550 000
770 001 – 1 155 000 39 600 + 27% of taxable income above 770 000
1 155 001 and above 143 550 + 36% of taxable income above 1 155 000
Tax table for severance benefits
Taxable income (R) Rate of tax
1 – 550 000 0% of taxable income
550 001 – 770 000 18% of taxable income above 550 000
770 001 – 1 155 000 39 600 + 27% of taxable income above 770 000
1 155 001 and above 143 550 + 36% of taxable income above 1 155 000
When you retire, you can choose to receive a portion of your savings as a lump sum from a pension, pension preservation, or retirement annuity fund. The maximum lump sum you can take is one-third of the total. If your savings are R247,500 or less, you can take the full amount as a lump sum.
For provident funds, the default is usually a lump sum payment unless annuity payments are allowed. If you’re already retired with a living annuity, you can convert the remaining assets into a lump sum if they fall below R125,000. The tax on the lump sum is calculated on the gross amount, considering contributions that were not previously deductible or exempt from tax.
Contributions can be claimed as a deduction, but there may be limits. Unused deductions can be carried forward to future years. Lump sums received from retirement funds, whether from retirement or other reasons, are taxed cumulatively, taking into account all lump sum benefits received since October 1, 2007.
Provident and Provident Preservation Fund Annuitisation
Since March 1, 2021, provident and provident preservation funds have been aligned with pension, pension preservation, and retirement annuity funds. Upon retirement, members must use two-thirds of their savings to purchase an annuity and can take one-third as a cash lump sum. Contributions made before March 1, 2021, and per-existing transfers can still be taken as a lump sum, including growth.
Simplified rules based on age and membership status on March 1, 2021:
If the total value of provident fund contributions or the value in a provident preservation fund, including growth, is R247,500 or less at retirement, regardless of age, the entire accumulated retirement savings can be taken as a lump sum in cash.
Yes, you can login through the NMG Benefits portals here
Contact you can request assistance here or contact your consultant for direct assistance
You can change your personal details in the following ways:
You are welcome to visit our offices which, you can find an office closes to you here. Please first call to make an appointment.
South Africa has implemented a law that is designed to combat money laundering, which is the abuse of financial systems to hide and/or disguise the proceeds of crime. This law is known as the Financial Intelligence Centre Act 28 of 2001, also referred to as FICA. In terms of FICA, all accountable institutions (such as banks and ourselves) have specific duties to help prevent money laundering. One of these duties is to perform a “Know your client” (KYC) check on all clients. What this means for new and existing investors is that they will need to provide us with proof of:
Please refer to our FICA requirements document included in the application form.
We aim to keep all our clients’ details and personal information confidential and handle every instruction with complete privacy