Pension Withdrawal for Home Ownership: Who Qualifies and What You Get
Learn how you can access your retirement capital to help pay for your primary residence and the impact it has on your future.
This scheme allows you to access a portion of your retirement savings early to help fund the purchase of your own home.
Who it's for
This option is available to individuals who are looking to purchase a primary residence to live in.
What you get
You can access capital from your second pillar pension fund to use as a down payment for your home.
What it costs you
While you receive the funds now, the amount you withdraw is treated as a capital withdrawal, which means it is subject to taxation.
The catch to know
Taking this money out now will significantly reduce the total amount of pension you receive when you eventually reach retirement age.
How to apply
- Confirm that the property you are buying will be your main place of residence.
- Contact your pension fund to request the specific requirements and necessary forms.
- Submit your application along with proof of the property purchase.
- Check with a tax professional regarding the tax implications of the withdrawal.