Hi, I've been living in the UK for 6 years and want to return to South Africa at the end of the year. I have a private pension here in the UK. It's not worth much - probably under £10,000. I would like to find a way to 'cash out' this pension in the most cost effective way. I'm nowhere near retirement age - I'm 33. From what I can find on the net, it seems like I would need to transfer the funds to an SA pension provider. Is this really required? Is there any way around this? Can I not just get the cash?
You would need to speak to a consultant in the UK about cashing out pensions there, else there are funds in SA that specialise in what they call Q-ROPS for these type of transfers.
Catsays: 13 January 2015 at 14:09
Thanks very much for your answer TaxTim. If I were to transfer my pension to a QROPS in South Africa, would I be able to withdraw the funds straight away or are there rules or penalties for doing this? Thanks
TaxTimsays: 13 January 2015 at 16:06
As far as we are aware the idea is that you transfer to a type of fund and then are able to take the amount tax free, however you would need to speak to an expert on this matter.
Catsays: 13 January 2015 at 16:14
TaxTimsays: 14 January 2015 at 7:14
Only a pleasure!
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