TRANSFER ON OR AFTER NORMAL RETIREMENT AGE BUT BEFORE RETIREMENT DATE: DEDUCTIONS

6A.    The deduction to be made from a lump sum benefit contemplated in paragraph 2(1)(c) is equal to so much of that lump sum benefit as is transferred for the benefit of a person from a-

(a)     pension fund into a pension preservation fund, provident preservation fund or a retirement annuity fund;

[Subparagraph (a) substituted by section 66(1)(a) of Act 23 of 2018 and by section 42(1) of Act 23 of 2020 and amended by section 35(1) of Act 20 of 2021 effective on 1 March, 2022 and applicable in respect of years of assessment commencing on or after that date]

(b)     provident fund into a pension preservation fund, provident preservation fund or a retirement annuity fund;

[Subparagraph (b) substituted by section 66(1)(a) of Act 23 of 2018, amended by section 35(1) of Act 20 of 2021 and substituted by section 40(1)(a) of Act 17 of 2023 with effect 1 March, 2024 and applicable in respect of years of assessment commencing on or after that date]

(c)     pension preservation fund or provident preservation fund into another pension preservation or provident preservation fund or a retirement annuity fund; or

[Subparagraph (c) added by section 35(1) of Act 20 of 2021 and substituted by section 40(1)(a) of Act 17 of 2023 with effect 1 March, 2024 and applicable in respect of years of assessment commencing on or after that date]

(d)     pension fund or provident fund into another pension fund or provident fund that is subject to an involuntary transfer.

[Subparagraph (d) added by section 40(1)(b) of Act 17 of 2023 with effect 1 March, 2024 and applicable in respect of years of assessment commencing on or after that date]

[Paragraph 6A added by section 65 of Act 17 of 2017 effective on 1 March 2018, applies in respect of years of assessment commencing on or after that date]