How can I move funds out of a Retirement Annuity in South Africa before the maturity date?
I am planning to move out of South Africa to Australia. Some of my and my wife’s funds are locked in a retirement annuity. The general rule is that you can only get the funds once you reach the age of 55 at the earliest. I would like to know if there is a legal way around this, because I don’t want our funds stuck in South Africa for that much time. I was thinking if it would be possible to cede the proceeds of the annuity on maturity to another party now, in return for an immediate cash amount of the current value of the fund. I don’t know if this is 1) possible or 2) legal. If anyone has successfully handled a similar problem, or have some ideas, I would appreciate some advice. Thanks in advance – Adam.
