Retirement annuities

Within South African borders your options are limited, but as soon as you emigrate, you have the right to transfer your funds abroad.

Retirement annuities

South Africans living abroad are often not aware of the benefits available to them when it comes to their retirement annuities. Within South African borders your options are limited, but as soon as you emigrate, you have the right to transfer your funds abroad.

What is a retirement annuity?

A retirement annuity is a tax-efficient method to save for retirement. It offers you the opportunity to select a suitable investment portfolio and contribute to these investments every month in order to save for your retirement, in addition to employer pension or provident funds. The earliest retirement age for these annuities is age 55.

What can South Africans do with retirement annuities?

If you’re a South African living abroad, you can turn your retirement annuity into cash, even prior to the recognised retirement age of 55, and transfer the funds to your new home. This is possible because of a change to tax legislation which came into effect in 2008.

The money can be used for any purpose, whether you want to spend it, save it or reinvest it – it’s all up to you!

How does it work?

Retirement annuity surrender requires financial emigration – an exchange control process involving the South African Revenue Service (SARS), the South African Reserve Bank (SARB), your insurers and a commercial bank. To determine if this is right for you FinGlobal provides a free, no obligation assessment and consultation in the course of which we’ll explain the process and confirm the various facts and figures.

In short, you’ll know how much you can transfer, how long it will take and how much it will cost, before you make a decision.

What are the fees?

Our initial consultation to you is cost-free and includes a quotation for our services. Once quoted our fees are fixed and payable only on successful completion of the job.

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Client testimonials

I am really thankful for FinGlobal (previously cashkows) for all their help in getting my retirement fund out of RSA. I was very skeptical to start but am very satisfied with the result. cashkows, A true South African Gem.

Justin Kock

Thank you FinGlobal (previously cashkows) for saving our RA – we thought we would have to settle for a monthly pension, but FinGlobal organised for a full payout – now we have something solid for our retirement. Staff are fantastic and very knowledgeable. Well worth the low rate we were charged for super service.

Heather Mike Hodgkinson

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