Key Characteristics

The Fund accepts transfers from other approved Provident Funds with the intention of preserving the benefits due to the member. The member and the employer from whom he or she is resigning must apply to the Oasis Crescent Preservation Provident Fund before the termination of employment of the member.

It is possible to make one withdrawal from the Oasis Crescent Preservation Provident Fund prior to retirement. Tax will be due on such a withdrawal and it is highly advisable to obtain the relevant advice to maximise returns and retirement savings.

It is not necessary to retire from employment to retire from the Oasis Crescent Preservation Provident Fund but the member must be older than 55 to retire.

Suitability

The Oasis Crescent Preservation Provident Fund is suitable for individuals who are intending to resign from employment, who are members of a provident fund and who wish to preserve their benefits. It may also be suitable to investors wishing to obtain an investment of an ethical nature and be part of the investment philosophy.

Contributions

Contributions, other than transfers from approved Pension Funds, are not possible.

Investment Options

The member can choose between three investment portfolios that include:

• New Moon - High Equity Portfolio with a benchmark of CPI + 3%

• Half Moon - Progressive Portfolio with a benchmark of CPI + 1%

• Full Moon - Stable Portfolio with a benchmark of CPI

• Cash / Income portfolio

These portfolios have been designed to coincide with the changing needs of investors, as they approach retirement.

Benefits

Benefits are provided in the form of a maximum of 1/3rd lump sum, part of which may be tax-free. The remainder must be used to purchase an annuity. Your investment is not guaranteed and may rise and fall in accordance with market conditions.  The investment philosophy of Oasis, however, is to provide consistent superior returns at lower than market risk.

Withdrawal or Retirement

A member may only withdraw or retire from the Fund between the ages of 55 and 70 although one withdrawal before retirement is permitted. Tax will be due on the withdrawal and clearance form the revenue authorities regarding the tax position of the investor will be required.

Death

In the unfortunate event of death of the member, the funds will be paid to the nominated beneficiary, subject to the requirements as contained in Section 37C of the Pension Funds Act.

Shari’ah compliance

The funds are managed in accordance with the Shari’ah mandate.

Costs

The fees are transparent and include an administration & investment management component. Investment management fees are linked to the performance of the underlying portfolios to provide the investment manager with an incentive to perform. All the fees should be disclosed to you by your financial advisor.

Withdrawal or Retirement

Retirement Lump Sum Benefits

Lump sums accruing between 1 March 2024 and 28 February 2025

Taxable portion of withdrawal  :  Rates of tax

R 0 - R 550 000  :  0% of taxable income 

R 550 001 - R 770 000  :  18% of taxable income above R 550 000

R 770 001 - R 1 155 000  :  R 339 600 + 27% of taxable income above R 770 000

R 1 155 001 and above  :  R 143 550 + 36% of taxable income above 1 155 000

Withdrawal or Retirement

Lump sums accruing between 1 March 2024 and 28 February 2025

Taxable portion of withdrawal  :  Rates of tax

R 0 - R 27 500  :  0% of taxable income

R 27 501 - R 726 000  :  18% of taxable income above R 27 500

R 726 001 - R 1 089 000  :  R 125 730 + 27% of taxable income above R 726 000

R1 089 001 and above  :  R 223 740 + 36% of taxable income above R 1 089 000