Option 1: You can take the pension and provident fund lump sums in cash after paying the tax. The first R22,500 is tax-free while the remainder is taxed at various percentages starting off at 18%.

Option 2: You can transfer the lump sums into your future company's retirement fund. Please note that if you transfer pension withdrawal lump sums into a provident fund then the pension fund is first taxed. If you transfer a provident withdrawal lump sum into a pension fund then it is not taxed.

Option 3: You can transfer the lump sum withdrawals into a retirement annuity if you wish to continue contributing towards the fund. The earliest age at which you can then withdraw is age 55 (Unless through disability beforehand). You could also transfer a portion to a retirement annuity and invest the balance into a preservation fund (or take the balance in cash after paying the tax). No tax is paid on the amount transferred to the retirement annuity.

Option 4: You can transfer the full amount into a preservation fund (Pension into a pension reservation fund and provident into a provident preservation fund). In order to do this, you cannot first take a portion in cash and then transfer the balance into the preservation fund. You can however, make a once off withdrawal from the preservation fund itself prior to retirement (retirement age is set by the company from which the funds are coming).
The once off withdrawal would be taxed as per the withdrawal option mentioned in option 1 (R22, 500 tax free). You cannot make further contributions to the preservation fund nor can you combine other monies with the existing preservation fund (Each preservation fund is separate which means you could end up with three or four pension preservation funds).