I want to make a query regarding to lump sum withdrawals. In 2014, at 54, my dad resigned from his job at Eskom after 39 years and ten months service, as he was drowning in debt. His pension fund was worth R1.8 million when he submitted the resignation letter. He received a lump sum payment of R594 000. He paid his bond, did renovations to his home and paid other debts off, but not all of them. He receives R5 800 every month from Eskom and it's not enough to maintain his lifestyle. He is starting to make debts left, right and centre.
Is it possible for him to withdraw some money from his pension fund that was left and how much can he withdraw? What I fail to understand is, he wanted to take all his pension money and pay the penalties if there were any, but they refused to give him the money. What he was told was he can only get all his money if he left his post for another job, not if he would be sitting around doing nothing. Can you please provide me with some advice? This is putting strain on my family.