“savings withdrawal benefit” means a portion of the member’s share of the value in a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund that the member has elected to withdraw from the portion of his or her share allocated to the savings component provided by that fund before termination of membership of the fund: Provided that-

(a)     the member’s right is limited to one withdrawal during a year of assessment;

(b)     where a member has multiple contracts in the same fund, one withdrawal during a year of assessment may be made from each of the contracts; and

(c)     the value of each withdrawal, before taking into account any charges or transaction costs, may not be less than R2 000: Provided that where a member terminates their membership in their respective funds within any year of assessment and such member has made a withdrawal from that fund as contemplated in paragraphs (a) or (b) and the value of the member’s interest in the savings component is less than R2 000, such member may be allowed a second withdrawal of the total balance in the savings component;

[Definition of “savings withdrawal benefit” be inserted by section 1(1)(zH) of Act 12 of 2024 effective on 1 September, 2024 and applicable in respect of years of assessment commencing on or after that date]