Advice and Support for South Africans Immigrating to New Zealand

South Africans Going To New Zealand

Author Topic: Retirement Anuity  (Read 6697 times)

Offline Amber

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Retirement Anuity
« on: September 19, 2007, 07:32:45 am »
We had a meeting with our financila advisor last night just to fill him in on all our plans.  It turns out that the RA's we have been paying into for all these years will have to stay here!  It is quite annyoing, we can't even transfer them to another fund! The insurance companys will charge us about 30% cancellation fee and then still keep our money for another 20 years!  Well, I guess all is not lost when we turn 55 OH and I can come back and maybe buy a coke with our pension (Lol)

Have a great day
Amber
Faith is to believe what you do not yet see; the reward for this faith is to see what you believe



Offline Shaz

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Re: Retirement Anuity
« Reply #1 on: September 19, 2007, 08:18:58 am »
Amber once your retirement annuity pays out you can transfer it overseas via your bank (if you make these arrangements) Currently the financial companies are not allowed to transfer the monies overseas but it is possible for your bank to do it once the monies are in your bank acc. Just remember that you cannot go over the max allowed to be taken out of the country ( R160,000.00 travel all or the R2,000,000.00 if you officially immigrate)



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Re: Retirement Anuity
« Reply #1 on: September 19, 2007, 08:18:58 am »

Offline Shirls

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Re: Retirement Anuity
« Reply #2 on: September 19, 2007, 12:40:30 pm »
Amber I work for a finacial advisor as well. I am stopping my RA next month, because I do not see why I should pay into a policy I am not going to reap the benefits of! They can take their 30% and stick it, and what ever is left in my fund when I hit 55.... good luck!
I very much doubt that in 25 years time, it is going to be worth taking any Rands out of the country, if you can even get forex then!


Offline scotsman

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Re: Retirement Anuity
« Reply #3 on: September 19, 2007, 06:16:56 pm »
AAAAAAAAGH.........I'm 50 now!! Do think it worth me keeping it on until it pays out when I'm 55? I think so hey? Should be able to pay it out of an account that we will leave open here or pay a year in advance ? Any advice welcome.......that is assuming I ever get my family out of here........still waiting on my kids passports!! And police clearance from UK........did I mention how stressful this all is.........geez!

Charlie and Brigid

Offline Amber

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Re: Retirement Anuity
« Reply #4 on: September 19, 2007, 07:44:31 pm »
Hi Charlie
It probably will be worth your while to pay yours for 5 more years.  They are going to take 30% of ours because we are cancelling early!!!!
With regards to the police clearance in the UK, how did you go about it?  I looked on the internet and there is a form that must be handed in at the metropolitan police - Data protection - is that the correct form?  THere are no finger prints necessary.  I am going to send it to my sister in Surrey and aske her to hand it in for me with the GBP10 per person.  Then my mom is coming in Dec I will ask he to bring it back to me.
What is happening with your childrens passports?
Amber
Faith is to believe what you do not yet see; the reward for this faith is to see what you believe



Offline scotsman

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Re: Retirement Anuity
« Reply #5 on: September 19, 2007, 10:18:18 pm »
Hi Amber, the form you require is a two page form, just asks your name, last address in Uk nd the reason for asking for data.........is that the one you have? If not I will try and put the form on here if someone can tell me how!! LOl......I faxed the form to Dad and he took it into the police headquarters in Glasgow , paid the 10 pouns and they gave him a receipt which he posted off to me. Problem is it can take 40 days for a reply........thats my problem.....I have to have all the ITA forms in by 6 October!! The kids passports are still at Home affairs! Have been for week (months now) We applied through a passport office in Fourways crossing, said 5-6 weeks for kids............nearly 9 weeks now!!
Let me know if you need the form..... :gl:

Charlie and Brigid

Offline zatexnz

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Re: Retirement Anuity
« Reply #6 on: September 20, 2007, 01:57:16 am »
Yip, it's stressful!!  Scotsman, I'd suggest that even if you don't have those by the time you need to submit ITA, still send in everything else.   Our passports weren't available yet  when we sent in ITA, either.  We just told them we'd send it to them as soon as we got it.  We basically couriered them over once our case was approved, and they stamped them and sent them back. 
As for Retirement, go ahead and keep yours open, only 5 years to go!  :clap:
lekker sweet as, y'all
~ Colleen

SA Going to NZ Advice Forum

Re: Retirement Anuity
« Reply #6 on: September 20, 2007, 01:57:16 am »

Offline Amber

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Re: Retirement Anuity
« Reply #7 on: September 20, 2007, 07:38:21 am »
Hi Again
I am not sure I have the correct form.  The one I downloaded only has place for current address
Please would try to download the form for me? Or could you e-mail it to sales@zebrano.co.za
Thanks
Amber
Faith is to believe what you do not yet see; the reward for this faith is to see what you believe



Offline Shirls

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Re: Retirement Anuity
« Reply #8 on: September 20, 2007, 08:15:38 am »
Hi Scotsman

Please mail to me too - my OH worked in the UK for 2 years so I guess we need to his too! How long are the UK clearances valid for? 6 Months like ours?

Offline WendyH

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Re: Retirement Anuity
« Reply #9 on: September 20, 2007, 05:03:11 pm »
I think you need to go to the website of the county where you lived in UK - mine was Cumbria so I emailed them and they sent me the form for Cumbria Police. It also only asked for my current address and when I asked if I should put my last address in UK they said to put my current address in Zim and other addresses on a piece of paper which confused me somewhat?!  :confused:
EOI selected - 21 May 2008
ITA received - 1 July 2008
ITA lodged - 14 July 2008
PR approved in principle 04 May 2009
Received passports with stickers - 03 June 2009

Offline scotsman

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Re: Retirement Anuity
« Reply #10 on: September 20, 2007, 07:29:56 pm »
Hi Amber and Shirls, have e-mailed the copy of the form to you, bear in mind that mine is headed strathclyde police, but the form should be the same in the area in UK where you resided. Good Lock  :gl:

Charlie and Brigid

Offline scotsman

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Re: Retirement Anuity
« Reply #11 on: September 20, 2007, 08:11:36 pm »
Thanks zatexnz, will take your advice and send off all i have which is everything ecept kids passports and my police clearance! Lol stressful is not the word! Thank goodness for this site!! At least we know we are not the only ones taking strain......I just get exasperated by the whole turmoil......then others days quite chirpy!! Of all the things I've lost in life......I miss my mind the most!!

regards

Charlie and Brigid

SA Going to NZ Advice Forum

Re: Retirement Anuity
« Reply #11 on: September 20, 2007, 08:11:36 pm »

Offline Shaz

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Re: Retirement Anuity
« Reply #12 on: September 20, 2007, 08:23:38 pm »
 :2funny: We are all having the same problems! Thankfuly we have al the documents now but only after a lot of hassles!



Offline zatexnz

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Re: Retirement Anuity
« Reply #13 on: September 21, 2007, 12:52:28 am »
Scotsman, just make sure you mention on your cover letter why those docs are not included, and that you will forward it to them as soon as you get it.  They will not process it until they have everything, but at least you'll know you got the bulk of your ITA to them in time, and won't have to start the whole thing over again..
lekker sweet as, y'all
~ Colleen

Offline Janine

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Re: Retirement Anuity
« Reply #14 on: September 21, 2007, 07:10:00 am »
Hi all

Does the same apply to Provident and Pension funds? Hubby and I are looking at leaving end of next year some time, but don't know what to do with our policies etc. Please help.  :confused:
If you have a policy which pays out at say age 45, can it be transferred when we leave, or do we have to wait until it pays out?
I don't see why there has to eb a limit on how much money you take out of SA....if it's yours, it's yours.   :(