Airline pension fund PSG.

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Vandykzietse@gmail.com
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Airline pension fund PSG.

Unread post by Vandykzietse@gmail.com »

I recently had a bad experience regarding a pension fund payout at my previous airline company.
I was working for which is now the biggest low cost airline in SA.
We were forced to take a pension fund with PSG,even if you had your own policies and pension funds in place.
Came the day PSG had to payout your pension fund,they paid the whole amount to SARS.
I have to contact SARS(which also doesn’t have their duck’s in a row)to see that nothing is owed to them before they will pay you the rest of the fund back.
Has anyone experienced this procedure?
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GL
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Re: Airline pension fund PSG.

Unread post by GL »

The pension fund administrator should have got a tax directive and deducted tax according to that directive.
Of course you could also have put it into a preservation fund without any tax deduction.
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Re: Airline pension fund PSG.

Unread post by GL »

BTW What absolutely blows me away is that crew from United and Virgin amongst others lost their Pension funds, or a large part of them, when ever the airline hit financial trouble.
Luckily we don't have that situation in South Africa as pension funds are strictly separated from the business of the company..
South Africa still has one of the best financial systems in the world.
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Re: Airline pension fund PSG.

Unread post by Jasondn78 »

Vandykzietse@gmail.com wrote: Fri Apr 14, 2023 1:21 pm I recently had a bad experience regarding a pension fund payout at my previous airline company.
I was working for which is now the biggest low cost airline in SA.
We were forced to take a pension fund with PSG,even if you had your own policies and pension funds in place.
Came the day PSG had to payout your pension fund,they paid the whole amount to SARS.
I have to contact SARS(which also doesn’t have their duck’s in a row)to see that nothing is owed to them before they will pay you the rest of the fund back.
Has anyone experienced this procedure?
That is odd indeed. As GL mentions, PSG would apply for a tax directive to before paying you your benefit and pay you out less what is owed to SARS.

SARS must have picked up penalties or other irregularities on your profile that amounted to more than your retirement savings.

You can ask PSG for a copy of the tax directive.
Vandykzietse@gmail.com
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Re: Airline pension fund PSG.

Unread post by Vandykzietse@gmail.com »

Bookkeeper managed to retrieve the money paid to SARS.Let’s learn out of that procedure a act of incompetence or just spiteful. =D> =D> =D>
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