Dyllon Posted July 16, 2015 Report Share Posted July 16, 2015 Hi all,Sorry if this post is addressed somewhere else, My wife and I will be leaving for the Gold coast next month and I just have a question about pension funds.Is there any other way of getting your pension fund to Australia, other than cashing it out here and losing a fair amount to tax?Thanks very much for your experiences and adviceRegards,Dyllon Quote Link to comment Share on other sites More sharing options...
mlothian Posted July 16, 2015 Report Share Posted July 16, 2015 Hi DyllonThere is no way that your pension could get paid directly to Australia. You would need to get the money as cash and this could then be transferred to Australia. Currently you only benefit from taking your pension in certain cases, but resignation does not fall under this category.Once your money is in cash you could transfer it to your bank account in Australia. Take note that it is often more beneficial to make us of alternative providers compared to the major banks as this could save you some fees and get a better exchange rate. Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted July 16, 2015 Report Share Posted July 16, 2015 Generally you would need to get the pension fund paid out before you can transfer the money to Aus. I can send you the details of a broker based in Brissie that might be able to give you some advice. They are also ex Saffa's and are on the cheaper end of the scale when it comes to things like pension funds and RA's. PM me if you want the contact details and I'll gladly send them to you. Quote Link to comment Share on other sites More sharing options...
followmylead Posted July 17, 2015 Report Share Posted July 17, 2015 That tax bites! We have now (as of today) fully and finally immigrated. Physically 18 months ago and financially today. We have absolutely no more ties with S.A. It sucked to pay the tax though. 1 Quote Link to comment Share on other sites More sharing options...
Dyllon Posted July 17, 2015 Author Report Share Posted July 17, 2015 Thanks everyone for your advice. We were just wondering if it would be possible to somehow avoid such a large amount being deducted towards tax.Seems we will be cashing out the policies and then transferring them over.Thanks again to everyone for their advice. Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted July 18, 2015 Report Share Posted July 18, 2015 That tax bites! We have now (as of today) fully and finally immigrated. Physically 18 months ago and financially today. We have absolutely no more ties with S.A. It sucked to pay the tax though.We also finally got confirmation a couple of weeks ago that we have got the letter from the Reserve Bank granting us the status of financial emigration. Now just to wait for Sanlam to pay out the RA and transfer what's left. Yippee. 1 Quote Link to comment Share on other sites More sharing options...
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