# Some financial advice please.



## perky (Mar 8, 2009)

I am a temporary resident with a view, eventually, to make this permanent and have no intention of returning to the UK.
I have three pensions, the main one being paid into my bank account here, the others paid into my UK bank and under the agreement SA has with the UK i pay my tax over there.
Now that i am settled here i feel this is too complicated and now wonder if i should have all pensions paid here and also tax deducted here. I will still feed money back into my UK account as it enbles me to maintain my credit cards.
Could anyone give me some sound advice please as to what course of action, if any, i should take which would improve upon what i do and be more beneficial.

Many thanks.


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## Jem62 (Jul 25, 2012)

You should leave things exactly as they are, I have a substantial UK pension and considered whether I should transfer it over here. All the advice I had pointed to the instability of the rand. Some even used the example of zim professionals who saved all their lives to wake up one morning to find that their pensions pots were worthless. They used the example to point to what instability can mean though they did say that the SA economy remains fundamentally strong. The advantage of moving all your sources of income over here is that pension income is not taxable, hence so many Brits are heading over here to retire. You may well decide that an increase in income which is not taxable is worth your while.


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## perky (Mar 8, 2009)

Hi Jem.
Many thanks for the reply, much food for thought there. I was not aware that pensions here were free of tax so i have to ask myself why i am giving UK Inland Revenue my hard earned cash!
With regard to the economy here, i am an optimist and whilst it may be rocky i do not believe it will crash.
Again, thanks, now i have to do my homework.


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## Ianmorris (Jan 23, 2014)

*pensions*

Hi Perky and Jem
Have you considered transferring your pension offshore to Malta or Gib? It does omit the tax issue.. Can I ask if your in draw down already? There are implications to leaving your pension in the Uk ie taxed at 55% on death. Again by moving it offshore the death tax is also omitted. You can achieve between 8 and 13 % growth tax free.
Regards
Ian


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## perky (Mar 8, 2009)

*Re my tax.*

Hi Ian.
Thanks for the reply.
Will give that some thought, mine are occupational pensions paid monthly. Need to get my pensions out to stop HMRC stuffing me!!!


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