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Lump Sum A lump sum payment (as the word describes) refers to a one-off payment of money. An RSA holder upon attaining retirement age will be eligible to make a lump sum withdrawal provided that the amount left in the RSA after the lump sum withdrawal is sufficient to purchase an annuity or fund programmed withdrawals that will produce an amount which is not less than 50% of the RSA holder's total annual remuneration at the date of his retirement. Find out how much you could be entitled to at retirement by using the Stanbic IBTC RSA Calculator. Related Links Programmed Withdrawals Programmed withdrawals refers to withdrawals of funds on a regular basis, which may be monthly, quarterly etc. As an RSA holder upon attaining retirement age or age 50 (whichever is later), you can request for the balance in your RSA to be paid out to you via programmed withdrawals. You can also withdraw money from your Voluntary Contribution (VC) Account via programmed withdrawals. The withdrawals will however be subjected to tax where it is made before the end of 5 years from the date the voluntary contribution was made. Related Links Annuity An annuity is defined as a series of fixed payments paid at regular intervals over the specified period of the annuity. Related Links Withdrawing from Your VC A Voluntary Contribution Account holder may also choose to make lump sum withdrawals at any time. However, a withdrawal from a VC account will be subject to tax at the point of withdrawal where the withdrawal is made before the end of 5 years from the date the voluntary contribution is made. Download a withdrawals notification form Related Links
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