Richard_UKRSA

I immigrated to South Africa in 1972 where I lived for 15 years. I earned a pension during that time. I returned to the UK and left the pension to mature. I then moved to the US where I have been for the last 8 years. This year when I came to receive the pension I was told that I had not formally emigrated and could not get any of the money unless I emigrate or somehow manage to set up a bank account in South Africa. As I am no longer resident in South Africa, and my permanent resident's visa has long expired, how do I go about emigrating or setting up a Bank Account as a non resident who has not formally emigrated?

Pablo

I can only offer a partial answer, I'm afraid.

First, the short answer is, if you can afford it and the money justifies it, I'd get the advice of a South African accountant on the best way to deal with this.

The longer, partial answer: Last I checked, pension fund monies are effectively stuck in SA and you can't have them. But the advice I got was only limited and not entirely trustworthy, so please don't take it for gospel. At that time, I was told that pension monies could only be released into a "blocked rand account" (part of the continuing exchange control regulations). I haven't tried to open one of these, because the underlying message I received when I made my own enquiry was that you can't have the money, and we just don't care, so bugger off. But if you decide to pursue it, I guess the first thing I'd check is what kind of South Africa account the money can be released to, and, if the answer is a "blocked rand account", then I'd contact the head office of a SA bank and find out what is required to open one. But if, as I suspect, you can't access the money abroad even if you have a blocked rand account, then the whole thing might be a waste of time.

Like I say, first stop, if the money justifies it, would perhaps best be an accountant.

rayexUkinSA

The Pension Provider or an Independant Financial Adviser should be able to assist you, or at least work out what your options are depending on your circumstances.

Whilst an Accountant may be an expert in SA Taxation, they are unlikely to know about the intracacies of SA Citizens domiciled in USA, your Pension Plan, Pensions legislation and options or your specific Policy Terms. For example, would they be able to tell you what to do if you cannot access the funds now?

An advisor would need further information about you, your circumstances, your attitudes to risk and the pension itself.(SNIP)