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Can I cash out my UK pension in SA?

Posted 12 January 2015 under Tax Questions



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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?

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TaxTimTaxTim says:
13 January 2015 at 9:25

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.


Cat says:
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


TaxTimTaxTim says:
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.


Cat says:
13 January 2015 at 16:14

Thank you


TaxTimTaxTim says:
14 January 2015 at 7:14

Only a pleasure!


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