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Lump Sum Payment

When you retire, it is possible to take all or part of your benefit as cash. This cash can be invested to meet your retirement needs.

You can elect to put your Lump Sum in the RBF Investment Account. This will provide you with the following benefits:

Flexible payments - you can withdraw money easily.
Member Investment Choice
No entry and exit fees.
Low administration fees.
Favourable tax environment for earnings - you do not have to declare your earnings from the account in your annual income tax return. If you are receiving an income from another source, this may be a tax advantage. However, when you withdraw money from the account, you may be charged some tax on your earnings.
Access to Allocated Pensions - you can convert all or part of your money to an Allocated Pension. This is a flexible retirement product offered by RBF. With this option you can choose your annual retirement income.
Security for your dependants - when you die, the balance of your Investment Account will go to your estate if you have made such an election. If not, the money will go to either your surviving partner (to be determined by RBF in accordance with its governing rules), or the person with whom you were in a caring relationship which was registered under the Relationships Act 2003, or to your estate upon production of grant of probate or letters of administration.

How long can I leave my money in the RBF Investment Account?

After you have retired, you can leave your money in the RBF Investment Account and make additional contributions, if you are:

under age 65; or
aged 65 but less than 75 and have worked at least 240 hours in the previous financial year.

In most cases on reaching 75 benefits must be paid out as soon as practicable.

Is there tax on Lump Sum payments?

Your lump sum will consist of several components, which are taxed differently. These are called preservation components and will depend on your age and your scheme membership.