To withdraw savings from Liberty, particularly from funds such as those accessible under the Two-Pot Retirement System, you must follow a specific application process that involves completing a dedicated form and providing essential financial details.
Understanding the Withdrawal Process
The withdrawal process is designed to ensure all necessary information is captured for compliance and tax purposes. It requires careful attention to detail to avoid delays.
Key Steps for Withdrawal:
- Obtain and Complete the Savings Withdrawal Benefit Payments Request Form: This is the primary document required for initiating your withdrawal. Ensure you get the correct form for savings benefit payments.
- Indicate Gross Annual Income: On the form, you are required to state your Gross Annual Income Rand amount. This information is crucial as it enables Liberty to apply for the necessary SARS Tax directives on your behalf, which determines the tax implications of your withdrawal.
- Provide Your South African Tax Number: It is mandatory to include your valid South African Tax Number in the designated field on the form. Both your gross annual income and tax number fields must be fully completed for your application to proceed.
Important Considerations:
- Processing Time: Once your completed form and all required information are submitted, the process for your withdrawal benefit payment can take up to 30 working days to be finalized. It's advisable to factor this timeframe into your financial planning.
- Accuracy of Information: Providing accurate and complete details for your gross annual income and tax number is critical. Any discrepancies or missing information could lead to delays in processing your request.
Summary of Requirements
| Requirement | Description |
|---|---|
| Form Completion | Complete the Savings Withdrawal Benefit Payments Request Form. |
| Gross Annual Income | Indicate your exact Gross Annual Income Rand amount for SARS Tax directives. |
| South African Tax Number | Provide your valid South African Tax Number. |
| Mandatory Fields | Both Gross Annual Income and South African Tax Number fields on the form must be completed. |
| Processing Timeframe | The entire process can take up to 30 working days from the date of submission. |
By adhering to these steps and providing all necessary information accurately, you can facilitate a smoother and more efficient withdrawal of your savings from Liberty.
