Question 3 - Retirement fund taxation (4 marks) Consider the following facts and answer the question that follows. Your client retired from a provident fund on 31 March 2019. He received a lumpsum benefit of R 1 200 000. Your client now wants to retire from a retirement annuity fund with a predicted 1/3 lumpsum pay-out of R 500 000. Question: 3.1. Determine the tax implication of your client should he take the 1/3 lumpsum from the retirement annuity in cash. Use the current retirement tax tables available from SARS to answer the question.