Retirement Annuity Investment Rules

Only natural persons can invest in a Retirement Annuity. Legal entities cannot be members of a Retirement Annuity.

Legal guardians or persons with power of attorney or mandate acting on behalf of a member may complete and invest/act on behalf of a member (minor or in event of legal incapacity).

Yes, some foreign nationals temporarily residing in South Africa can contribute to retirement annuity funds (registered and tax approved in South Africa) and request lump sum withdrawals from retirement annuity funds upon their return to their home country.

<p>Currently, unless the definition of retirement annuity fund is amended, non-residents temporarily working in South Africa who took out membership with a retirement annuity fund won't be able to withdraw from such fund since they are not considered to be formally emigrating from SA when they return to their home country.</p> Signup and view all the answers

<p>The Income Tax Act requires an amendment to allow these individuals the same privileges as other emigrants upon leaving South Africa.</p> Signup and view all the answers

<p>The Association for Savings and Investment South Africa ('ASISA') of which Allan Gray is a member and the Institute of Retirement Funds ('IRF') have raised this matter with National Treasury on numerous occasions.</p> Signup and view all the answers

<p>To date, National Treasury has received no response to the matter raised by ASISA and IRF regarding non-residents and retirement annuity fund withdrawals.</p> Signup and view all the answers

<p>Currently, unless the definition of retirement annuity fund is amended, non-residents temporarily working in South Africa who took out membership with a retirement annuity fund won't be able to withdraw from such fund since they are not considered to be formally emigrating from SA when they return to their home country. The Income Tax Act requires an amendment to allow these individuals the same privileges as other emigrants upon leaving South Africa.</p> Signup and view all the answers