Withdrawal and Transfer of South African Pensions and Retirement Annuities (RA's)
We have in place a process which provides for the withdrawal of South African private pensions (including Retirement Annuities) and their transfer overseas.
The process is a relatively complicated one because of the number of parties involved - including the insurance companies, pension providers, South African Revenue Service (SARS), Reserve Bank and commercial banks. The first stage involves establishing, on a no commitment basis, exactly how much is available for transfer after South African tax and the fees that would apply for administering the transfer process.
Note that the amounts withdrawn may be transferred to any offshore destination, on a worldwide basis, and do not have to be contributed to a pension scheme. However, in a number of countries that may be tax efficient and you are encouraged to seek professional tax advice where appropriate.
If you are considering the transfer withdrawal of your South pension or retirement annuity, wherever in the world you might be based, please provide your details in the contact form below and we will contact you with further details regarding the process.