UK Pension Transfers for Expats in South Africa
South Africa is a diverse country that offers a relatively low cost of living compared to the UK, a warm climate, breath-taking beaches, a variety of wildlife and gives UK expats the opportunity to live an outdoor relaxed lifestyle in their retirement years.
If you are thinking of retiring to South Africa, you may be wondering what happens to your UK pension schemes.
With an increasingly globally mobile workforce and people retiring in a different country to that which they previously resided in, the flexibility and additional tax benefits associated with an international strategy could provide you with an increased standard of living both pre and post retirement.
When you move between countries, your tax residence status changes, which in turn changes how your assets and pensions are taxed. If you’re an expat, it’s a good idea to get informed about how this might benefit you and your financial goals – ideally, even before you move.
As an international financial advisory and pensions transfer specialist, our experienced team of advisors at Prism Xpat can support and guide you through all aspects of transferring your UK pension scheme..
Benefits through adopting an International Pension Strategy
- Investments and income payments can be denominated in different currencies to reduce risk of currency fluctuation.
- Pensions can be passed on to beneficiaries after death.
- Flexibility of income payments.
- Reduced tax liabilities.
If you’ve already moved from the UK to South Africa, or are planning to do so, international pension strategies are worth considering.
If you are moving to or already living in South Africa and are looking for independent advice our specialist team can advise you on your alternatives and provide a formal recommendation on your optimal course of action.