Withdrawal and Transfer of South African Pensions and Retirement Annuities (RA's)
We have operated a process for a number of years which provides for the withdrawal of South African private and occupational pensions (including Retirement Annuities) and their transfer overseas. The process is 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 - and the amount of supporting paper work is considerable. Note also that it is an absolute requirement that any South African citizens have formally emigrated before a transfer will be available, with a sign off by SARS being a required part of the process.
Unfortunately, if your pension is already being paid, in the form of an annuity or otherwise, there is no option to capitalise the pension and effect a transfer.
The first stage of the transfer process for clients 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Note that the amounts withdrawn may be transferred to any offshore destination, on a worldwide basis, and do not have to be contributed to a pension scheme.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, such as Australia, that may not be tax efficient and you are encouraged to seek professional tax advice where appropriate.
If you are considering the withdrawal and transfer of your South African pension or retirement annuity (RA), wherever in the world you might be based, please provide your details in the contact form below and we will arrange for you to be contacted promptly and the process discussed in detail. The service is very cost competitive, includes SARS and SARB clearance, and the required documentation has been pre-populated wherever possible to reduce time and complexity.