The money withdrawn to put towards a property is not free and clear. If your application is approved you may be required to pay back the full amount over a period of time. From the month following the withdrawal you must increase your contributions to your Silver Thatch Pension Plan by 1% of your earnings.
It is your obligation to inform your employer in writing that you are now making the additional contributions to pay back the amount received for a deposit for your home, land or to pay off of your existing mortgage. The employer shall deduct these additional contributions from your earnings and pay these contributions into your account in Silver Thatch Pensions. If you are self-employed you must deduct these additional contributions from your earnings and pay them into your account in your Silver Thatch Pension Plan.
These additional contributions should continue for:
- 10 years from the date the cheque is issued or
- Until the total amount of the contributions equal the amount withdrawn or,
- Until retirement.