If you’re planning to leave the UK and head home to South Africa, or even if you’re undecided, here’s an opportunity to add some financial value to the process.
If you have a retirement annuity or preservation fund waiting for you in South Africa you’re probably thinking that the pension box is ticked, but we’d like to share with you an opportunity to make the box and the tick, bigger and better …….. in short, how to boost the value of your pension and enable you to enjoy the income, tax free in South Africa.
Sound too good to be true? Read on……
Because of the difference in the way the South African and UK tax authorities treat pension withdrawals and contributions respectively, it’s possible to transfer funds from your South African pension, into your UK pension (before you leave the country), and end up with more money, at the end of the process. You effectively create wealth!
So now you have your pension based in sterling and are protected against a further decline in the rand, but it gets better – from the perspective of the South African tax authorities you now have an “overseas pension” and as such the income in retirement will be tax free.
What if you end up staying in the UK? We believe this may still be the right course of action to take as you’ll enjoy the same increase in value, bring all your pension funding under one roof, into one currency and you’ll have more options. For example you can make a full withdrawal at age 55; you can’t do that with a South African pension.
This is an opportunity that is completely unique to those who live in the UK and have a retirement product in South Africa, and it’s one that we believe is very difficult to ignore given the potential benefits.
As is often the case timing is key, so talk to us now to discover if it works for you and if it does, just how big the “tick in the box” will be. For a free consultation which will take no more than ten minutes, let us call you. What have you got to lose……
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