TRANSFER BETWEEN THE COMPONENTS OF THE RETIREMENT SYSTEM: DEDUCTIONS

 

6B.    The deduction to be allowed from an amount contemplated in paragraph 2(1)(d) is equal to so much of that amount as is transferred for the benefit of a person from the-

 

(a)     savings component in a fund into the savings component of a member or former spouse of that member or the retirement component of a member or former spouse of that member in another pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund;

 

(b)     vested component in that fund into the vested component of that member or former spouse of that member or the retirement component of that member or former spouse of that member in another pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund; and

 

(c)     retirement component into the retirement component of that member or former spouse of that member in another pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund:

 

Provided that subparagraph (a), (b) or (c) only applies to an amount transferred on termination of membership in the transferor fund or an amount contemplated in paragraph 2(1)(b)(iA), and only if all the remaining components are transferred to the same transferee fund or if all the components are transferred on an individual contract policy basis to the same transferee fund.

[Paragraph 6B added by section 4(1) of Act 12 of 2024 and substituted by section 3(1) of Act 44 of 2024 deemed to have come into operation on 1 September, 2024]