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Pensions without borders are in the pipeline

By August 2, 2017October 3rd, 2023FinGlobal

Pensions without borders are in the pipeline

August 2, 2017


Expats who live for long periods abroad and retire abroad are often concerned about their pensions and retirement annuities – especially if they have paid substantial sums into their pensions in their home country.

What expats need to know about the Personal European Pension Product (PEPP)

The European Commission has recently announced that for expats who work in the EU, they will soon have the simple policy of being able to move their personal pensions across borders.

Under this new scheme a Personal European Pension Product (PEPP) will be a voluntary product sold by banks, investment funds and insurance firms and the features will remain standard across each EU member state. This will bring more choice and competition into the retirement savings industry and will offer expats a broader base of providers and greater consumer protection.

FinGlobal – the simple solution for SA expats

South African expats who have emigrated abroad have a simple solution when it comes to retirement annuities and pensions they’ve left back in South Africa.

Any South African living abroad who has financially emigrated has the option to turn their retirement annuity into cash – even prior to the recognised retirement age of 55 and can then transfer their funds to their new home. This is possible because of changes to the tax legislation that came into effect in 2008. What’s even more advantageous is that the money can be used for anything – an exotic holiday, home remodelling or you can re-invest it, the choice is yours.

If you are a South African living abroad and have any of these funds, you can transfer your retirement savings offshore and reinvest it in a new retirement fund. Depending on your new country of residence, you may even increase your retirement savings – in the UK for example, lump sum contributions to your pension fund can result in significant tax relief. If you have already made a previous withdrawal to your preservation fund, FinGlobal has the solution to access the balance and will transfer it to your offshore account.

A history of helping South Africans

With thousands of clients in over 105 countries, FinGlobal is regarded as the ‘go to’ company when it comes to helping South Africans unlock their wealth abroad – and many of our clients turn to us to help them access their retirement savings and assist them with transferring the money abroad to their new country.

We deal with all South African banks, insurance and investment companies, pension funds and other related financial institutions. We comply with the Consumer Protection Act, the Protection of Personal Information Act and are committed members of the Unashamedly Ethical Campaign

Assisting you from start to finish

We provide all our clients with a free financial report explaining your options to help you make the right decisions. There is no up-front payment and we are proud to say we have a 100% success rate in all we do.

If you are thinking of immigrating abroad and need any advice about your financial emigration and how to access your retirement savings, contact us today and we’ll help you on the path to financial freedom in your new home.
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