Advice and Support for South Africans Immigrating to New Zealand

South Africans Going To New Zealand

Author Topic: What about our pension?  (Read 3136 times)

Offline AndreCT

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Re: What about our pension?
« Reply #15 on: December 01, 2007, 07:38:15 pm »
With this bit of advise, just watch the Bank Charges.

1) Get Tax clearance from SARS for offshore investment. And do that quickly. You are leaving soon.
2) Your bank should be able to help you open a bank account in Isle of white or london or sydney.
3) Transfer the money there.
4) Make a decision to being it into NZ when you are there.
5) If you are going to use it as a deposit on a house, well just move it to a NZ bank as an offshore investment.

Lastly what are you doing with your SARS status.
If you are leaving a house or investments in ZA then is may be better to get SARS to change your status to  temporally non resident. (ie a working holiday) but then the container becomes hard to explain.

It buys you a little time, to make up your mind what to do with the SA investments.
Just remember that anything you leave behind after officially immigrating will become blocked non resident funds and subject to lots of red tape.

Lastly, you are correct, I am taking my pension out. I would take every piece of my 4 million offshore investment allowance out (if I had the much). Bad news for me is that my RA's are stuck here for at least another 6 years and then subject to 20% pa draw down.

Just remember what the nats did to pension values with their prescribed asset classes for pension funds. Not to mention Robert of the North.

Good Luck
EOI Submitted 27/6/06, Selected 5/7, ITA 14/9, Posted 22/12, Delivered 5/1, Status Received & Payment 8/1/07, VO Contact 15/5, Interview 15/8, PR 16/10, LSD 20/6/08, Landed 14/6/2009, IRRV 17/12/2010, Returned CT 19/12/2010

Offline MJ

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Re: What about our pension?
« Reply #16 on: December 02, 2007, 10:30:20 am »
I don't know how much this will help but we are waiting for Jasons provident fund to be paid out now and the way they explained it was that a certain amount ie the first R300 000 is free then say you have another R300 000 left after that you pay your tax rate which is worked out after the deductions that you claimed.  I am sorry if that sounds like mumbo jumbo!!!
Wll let you know when the money finally gets paid out.  I am not holding my breath that the tax man is so nice.  Either way get whatever you can out of SA.

SA Going to NZ Advice Forum

Re: What about our pension?
« Reply #16 on: December 02, 2007, 10:30:20 am »

Offline Shirls

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Re: What about our pension?
« Reply #17 on: December 03, 2007, 07:13:59 am »
Hi Didi

RA's you can not access until after age 55, even then you can only draw 1/3 as cash and the balance has to be used to purchase an annuity.
We have stopped our RA's and quite frankly doubt we will ever see the money in 20 years time!

Check with your Pension fund too about what rules they have about withdrawing. I know there are different rules - ie if you retire or just withdraw.

If you have to leave an annuity here in SA, draw the maximum pension you can (20%) annually and take that income offshore.

Once our buisness is sold, we are going to invest it with RMB-IS - a pure offshore investment. Which means a SARS clearance and having to sign BOP forms with the SA Bank.
You can choose which currency to pay into - US$, GBP, Euro, Yeng, and AUS$.
When we are ready to buy in NZ we will have this investment paid out to us in NZ.

Offline potatoman

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Re: What about our pension?
« Reply #18 on: February 18, 2008, 07:06:11 pm »
Me no fundy at all, but I keep my ear to the ground.

Firstly, take everything out, sell all property that you have and cash in on pension/policies etc. Depending on how much you have and how much you are willing to spend on a house, I would recommend checking in with a big European bank. ABNAMRO or Deutsche Bank or something similar. they have (like most bank) offshoreaccounts, EFTs etc. You can invest anywhere, in anything. Now the question is what. Good idea to spread everything. Try EFT's, a couple in a couple of different countries, such as China, Japan, Europe, UK, USA. This way you cover your own ass, and these investments grow rather rapidly. It is always a good investment to have no debt, and save from there on, however, it takes a lot of effort, but gives it's rewards.

As for the house percentage increase, it will always grow, never really drops, just dips. Even when they predit that the world population will stop growing soon, the monopoly men will keep on keeping the pice high, and pushing rent. Funny they haven't started doing that already.
Sticks and stones may break my bones, but sock puppets, sock puppets really scare me.....

Offline Didi77

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Re: What about our pension?
« Reply #19 on: February 19, 2008, 12:09:58 am »
Thanks for all the ideas guys!

We are having the money paid out where possible and the rest I will just write off - if any of it is left after mr Zumu is finished with playing terrorist I will use it to sponsor my new NZ freinds for a braai (I mean a babakoei)

They will bring their own alholhol.

Offline dance

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Re: What about our pension?
« Reply #20 on: February 19, 2008, 05:22:07 am »
 :clap: Count me in Didi.

I am busy with our pension/provident fund at the moment so will let everyone know what happens.
When life throws you a lemon - make lemonade!