PWG Employee Benefits

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PWG provides tailored retirement and employee benefit solutions to meet the unique needs of both employers and employees.

Supported by experienced consultants and a dedicated national team, we offer:

• Pension and Provident Funds
• Group Retirement Annuities (for smaller groups).
• Stand-Alone Group Risk and Funeral Schemes.
• Medical Aid Groups

Our solutions are designed to protect employees, enhance satisfaction, and support company objectives.

At PWG, we believe in helping you make informed decisions about your retirement. Here’s what you need to know about your benefits and recent legislative changes:

Approved
Benefits

Compulsory
Annuitization

(Effective 1 March 2021)

Changes to provident funds require that, upon retirement:

• Two-thirds of the fund must be used to purchase a compulsory annuity, with only one-third allowed in cash.

• Grandfathering provisions protect members aged 55+ or contributions made prior to 1 March 2021, allowing older contributions to be withdrawn as a lump sum.

• Exception: Total retirement funds below R165,000 may be taken entirely as a lump sum.

These reforms mainly affect members under 55 and only for new contributions made after 1 March 2021. Members over 55 or with older contributions are generally unaffected.

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