Transferring UK Pensions To South Africa
If you’ve worked in the UK and now live in South Africa – whether as a British expat or a South African who spent time in the UK – then you may want to incorporate and consolidate your UK pensions into your retirement plans using a recognised scheme.
If you’ve worked in the UK and are considering a move to South Africa (or are already a South African resident/citizen), then we should be able to help you make the best decision on which scheme to invest in. For expert and professional advice with transparency in respect of fees, look no further than Brite!
UK Pension Transfers for South African residents
Transferring your UK pension into an overseas pension scheme is something many expats choose to do, as it can be quite lucrative, depending on the type of overseas plan you choose and your country of residency. However, before deciding to undergo the transfer process, you need to be aware of the South African pension legislation and regulation as well as the fees that will apply, so it’s important to educate yourself first.
Of course, one of the main reasons British expats will opt for a pension transfer is because they’ve made the decision to become a resident in South Africa. If you live in South Africa, you should be able to take control of all the pension benefits the nation allows for residents, which could end up being very lucrative for you.
At Brite, our financial advisers are on hand to guide you through the transfer process. Our team of leading UK pension experts is well educated in respect of the rules, requirements and processes to advise you on transferring your UK pension. The team has helped many people to transfer their retirement savings to an offshore pension scheme, as we have expert experience in the field.
To qualify, you need an eligible pension type. State pensions and certain occupational pension schemes (such as unfunded civil service pensions) can’t be transferred to an overseas pension fund – however, you can transfer British pensions that are considered to be self-invested personal pensions – such as Sipp, defined contribution or defined benefit scheme.
The Benefits of Choosing Brite to Transfer Your Pension Overseas
If you live in South Africa, transferring your UK pension overseas brings with it a host of benefits, especially if you plan to see out your retirement there.
- Expansion of choices – A pension transfer could lead to increased death benefits – improved risk control and earlier access to savings
- Foreign exchange control – Multiple currency options are available when you want to withdraw your pension income
- Cost-efficient transfer process and ongoing management – We will be on hand to manage the transfer process, complete the correct paperwork and continue managing your pension savings, whilst also providing suitable financial advice along the way
- Quality ongoing investment management – We will continue to manage your pension savings, compliant with South African regulation, for as long as you need them to be managed, making it less time consuming for yourself
- View investment performance online – You can view how your pension is performing using our quick and easy online portal
- A local, qualified partner that understands both UK and SA legislation and regulation – Brite are exceptionally qualified and professional, able to give you expert advice on your pension fund whenever you need to speak to one of our advisers
It is prudent to ensure the transfer of your pension savings is done by a company that is backed by the proper regulatory and legal framework.
The Brite Advisors SA (Pty) Ltd is one such company and complies, amongst other pieces of legislation, with the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS), which has a strong emphasis on proper conduct and treating customers fairly.
Some Applicable & Appropriate Requirements of the FAIS
- be licensed to furnish advice, and/or render any intermediary services, or both, relating to financial products
- compliance with the prescribed fit and proper criteria to ensure integrity, skill and competencies
- following the standards of market conduct
- acceptance of responsibility for the activities of employed and/or mandated representatives
- annually audit financial records
- maintenance of client and other records for prescribed periods
- appropriate Insurance cover
- an internal complaints resolution process and policy.
Brite is both a Category I and II licenced Financial Services Provider which authorises it to provide both advice and intermediary services of a discretionary nature.
The Financial Products for which Brite is authorised to provide Financial Services can be viewed on the Financial Services Conduct Authority’s (FSCA) web-page https://www.fsca.co.za/.
Brite can enable retirement solutions by transferring your UK pension(s) into a number of International Self-invested Personal Pension Schemes (SIPPs), or HM Revenue & Customs (HMRC) approved overseas Recognised Overseas Pensions Schemes (QROPS), depending on your personal needs and the suitability of the products to address your personal circumstances.
Brite can further offer you retirement and wealth planning suitable for your international mobile lifestyle via Guernsey’s ‘Section 40(ee)’ international retirement plans or through direct investments into international bespoke or discretionary managed portfolio investments.
We only invest into FSCA approved funds and ETFs, aligned with the Collective Investment Schemes Control Act 45 of 2002. Our bespoke portfolios have authority to invest directly in listed equities – only if listed on major, recognised indices.
Get the Most Out of Your Pension With Brite
Brite are the leading UK pension transfer specialists for South African residents, and we’ve helped many people to make the right decision about transferring their savings and pension funds to an overseas pension scheme. We know what we’re doing, and we do it well.
We only advise on our pension schemes that are regulated, and we promise to be completely transparent throughout every step of the process, with no hidden fees added. Why settle for poor advice when you could work with a professional and trusted organisation like us?
If you’re interested in transferring your pension funds to an overseas scheme, then contact us today.
Brite are the leading South African
Pension transfer specialists
Authorised In The UK And Australia
High Quality Investment And Financial Planning With Transparent Costs
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