No, unfortunately not. The South African Revenue Service prohibits continuing contributions by a person to an employer sponsored retirement scheme after the person is no longer employed by the employer. As soon as you leave the service, you are no longer an active member and contributions must cease.
If you are an in-service member and leave your employer, you may transfer your benefit to the EPPF Deferred Pension Scheme. This means that you leave your pension benefit in the EPPF until your retirement date. The Deferred Pension Scheme allows you to leave your benefit in the EPPF while it attracts interest and grows. You will be able to retire from the Deferred Pension Scheme and access your benefit from the age of 55 years. You must retire from the Deferred Pension Scheme by no later than the age of 65 years.
You have three options on deferment:
Defer the full value of your benefit in the Deferred Pension Scheme;
Take the maximum of the tax-free portion and transfer the balance to the Deferred Pension Scheme; or
Take a cash refund equal to your accumulated member contributions (less tax – taxed at the rate applicable on withdrawal) and transfer the balance to the Deferred Pension Scheme. This option is only applicable to members who are retrenched before reaching the age of 55.
You may retire from the Deferred Pension Scheme anytime from the age of 55 years until 65 years. When you retire from the Deferred Pension Scheme you have the option to take up to one third of your benefit in cash. The balance must be used to provide you with a monthly pension from the EPPF. To begin drawing a pension from the Deferred Pension Scheme, you must complete an Application for Retirement Benefits Form. If you wish to receive your pension in a bank account outside South Africa, you must complete the International Banking, together with the Application for Application for Deferred Benefit Pension. Log in to your profile to download both forms. Please note that you cannot access your funds for any reason before the age of 55.
If a divorce order was issued after you have already withdrawn from the EPPF, there is no pension interest left in the EPPF to be paid in terms of the Divorce Order. Pension interest refers to a resignation benefit that a member would have been entitled to had he resigned on the date of divorce. Because you have already withdrawn, the fund no longer holds pension interest on your behalf. Pension interest become a pension benefit on withdrawal. Therefore, the EPPF will be unable to make any payment of pension interest as that would be acting in contravention of the rules of the EPPF and the Pension Funds Act of 1956, which prevent the Fund from making any deductions from a member’s benefit if such a deduction is not in accordance with the Pension Funds Act read together with the Divorce Act.
The non-member spouse can claim payment of his/her benefit in terms of the Divorce Order directly from the deferred pensioner.
If you are married at the time of retirement, your spouse will receive monthly pension upon your demise. However, if you marry after retirement, your spouse will not qualify for a monthly pension.
No, once a decision is made its irrevocable. Deferred members cannot access their funds for any reason before the age of 55.