Pension, Provident, Retirement Annuity. If you have one, great! If you have one in South Africa and you live abroad and not planning on coming back. Not so great. So, what now?
What does retirement planning involve?
According to an article from Investopedia (2019) by Arthur Pinkasovitch, retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.
Now you have a retirement annuity in South Africa, you are working offshore and decided to rather spread your wings and graze the grass on the greener side. What happens to your Retirement Annuity in South Africa?
Can you cash out an annuity early?
The legislation of Retirement Annuities (RAs) is very strict. If your funds are invested in a retirement annuity you can only access them at the age of 55. If your funds are invested in a company’s Provident or Preserver fund the only way to access it is if you leave the company.
How can I move my retirement annuities overseas?
You will have to start the process of formal emigration. is an administratively complex process involving many different institutions, both commercial and governmental. We administrate the whole process, working with experts to deliver a carefully managed solution for you.
What are the costs of moving my retirement annuities overseas? At Randtangle we can assist with moving your retirement annuities overseas. The cost will depend on your needs. If you need guidance on how to cash out your retirement annuity to take your money with you to your next destination, please get in touch with us for a FREE quote.