South African pension

Mike307

Hi

I have, or will have very shortly, a pension from a fund that I contributed to when I lived in South Africa. (returned to live in the UK 1997) I have been asked by the pension fund managers to open a South African blocked Rand account with my bankers here in the UK. Does anybody have experience of this and does anybody know of a bank in the UK that will open one for me? I currently bank with Intelligent Finance and they do not provide this type of account.


Thank you

Pammur_2

I have no experience of Pension Funds and blocked Rands.

I left RSA in 1998. I have several pensions (from Retirement Annuities) there and preferred at that time to leave 'on holiday' and maintain a tax presence, bank accounts etc. I think it was because I was still paying into them at the time and didn't want my funds blocked. I am getting out the money in dribs and drabs as/when the RAs have matured, via the life-time R1,5 million allowance via The Receiver of Revenue or as an RSA 'resident' via tourist allowance R160 000 per annum. If this experience is of interest to you, let me know. I found RSA Banks very unhelpful and not clued up about things. Perhaps you could try the SA Reserve Bank website. Which bank were you with in RSA, perhaps you could contact their UK partner, they might have more info?

Sorry I haven't been able to help you. Can give you more info about RAs but not Pension Funds. Good luck!

Cook_County

I would try a SA bank in London - eg Investec - to see if they can help on the banking side. Seperately you should consider both the UK and SA tax position.