FOR THE RECORD

In the infographic accompanying the article “Benefits to keeping retirement savings in a preservation fund” in Business Times Money on April 22, it was stated that the first R25 000 you withdraw from any retirement fund over your lifetime is tax free, which is correct, but it was incorrectly stated that the remaining balance is taxed at your marginal tax rate.

The tax on the remaining balance is taxed according to the lump-sum withdrawal table on a sliding scale at either 18%, 27% or 36%, depending on the amount. The correct table can be found at www.businesslive.co.za/bt/ money/2018-04-21-benefits-to-keeping-retirement-savings-in-a-preservation-fund