Retirement fund lump sum withdrawal benefits consist of lump sums from a pension, pension preservation, provident, provident
preservation or retirement annuity fund on withdrawal (including an assignment in terms of a divorce order).
Tax on a specific retirement fund lump sum withdrawal benefit (lump sum X) is equal to:
• The tax determined by the application of the tax table to the aggregate of lump sum X, plus all other retirement fund lump sum withdrawal benefits accruing from March 2009, all retirement fund lump sum benefits accruing from October 2007, and all severance benefits accruing from March 2011; less
• the tax determined by the application of the tax table to the aggregate of all retirement fund lump sum withdrawal benefits accruing before lump sum X from March 2009, all retirement fund lump sum benefits accruing from October 2007, and all severance benefits accruing from March 2011.