The word pension was first recorded in the 1520’s, meaning: a “regular payment in consideration of past service.” As a youngster I recall it was the older generation – people like my grandfather – who earned a pension.
In the same way Hoover became the generic for a vacuum cleaner, the word pension stands in for a host of retirement investment products such as retirement annuities, preservation funds, living annuities, government and corporate pensions, superannuation, QROPS and more …
The common features and benefits: these are all retirement-based investments with the generic purpose to provide members a ”regular payment in consideration of past services.” All South African approved pension products comply with the regulations of the Financial Services Board of South Africa.
As a South African living overseas you too may be of the opinion transferring my pension offshore is impossible. If the truth’s to be known it can be done – there are pension products that can be transferred to wherever you’re living now – irrespective of your predetermined retirement date.
Pension payments are intended to provide for peoples’ one day. When I grow up I also want to enjoy “regular payment in consideration of past service.” just like my grandfather. Wouldn’t you?
The moral of the story – no pension fund or insurance company wants to dictate where their members or investors want to live or retire. As South Africans we’re welcome to live and invest wherever we choose – as long as we do so within the rules and stay within the law.
finglobal.com is an authorized South African financial services provider. FSP #42872. The company has assisted more than 3000 expat families living in 75 world countries to successfully transfer their South African retirement funds offshore. For more information: www.finglobal.com