- Q: Does Ultima have over the counter services during the lock down period?
If clients do not have access to technology, we cannot help them. We are not at our offices. You are welcome to contact us telephonically or by e-mail.
2. Q: If I lose my job, will I be able to access my retirement fund?
Accessing your retirement savings should be considered but only as a very last resort. This will postpone your retirement or lessen your income potential at retirement.
2.1 Retirement Annuities:
The money can only be accessed on or after age 55, unless the total amount is less than R7 000.
A maximum of 1/3 cash withdrawal is possible when you retire from your retirement annuity, however this amount will be taxable according to the retirement lump sum tax tables.
2.2 Pension / Provident / Preservation Funds:
Yes. A fund member can access the money. Income tax is payable on a withdrawal prior to retirement according to the retirement withdrawal tax tables.
If the member is older than 55 a withdrawal will be taxed according to the retirement lump sum tax tables.
3. Q: Will I receive the monthly payment from my investment or pension in my banking account?
All these services will continue as per usual.
4. Q: Will my income protector pay out for lock down for retrenchment?
Income protector policies cover medical, physical and mental disabilities.
5. Q: Will I still enjoy my risk cover if I am unable to pay my premium?
You will not enjoy cover if your premium is more than 30 days in arrears, however some insurance companies are prepared to make a concession. It is important to make an arrangement with your insurance company since most of them have premium relief options available during this very difficult time that you need your cover the most.
Please note that a policy will lapse after 90 after which it will need to be re-instated subject to underwriting.