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Shaie Zindel
Shaie Zindel, Attorney
Category: South Africa Law
Satisfied Customers: 1185
Experience:  All areas of commercial and contract Law - specialist in property advice.
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I am a British citizen with permanent residence. I am moving

Resolved Question:

I am a British citizen with permanent residence. I am moving back to Britain August 2014. I have surrendered my retirement annuity with Old Mutual. How can I get my fund from them before I go?
Submitted: 9 months ago.
Category: South Africa Law
Expert:  Shaie Zindel replied 9 months ago.

Shaie Zindel :

Hi There - have Old Mutual indicated that there will be a problem or delay in paying you the proceeds of the RA?

Customer:

Hello...I haven't approached them yet, only surrendered the policy. Should I contact them. I have received a form that seems to require a blocked bank account. Not sure what I have to do to applky for monies.

Expert:  Shaie Zindel replied 9 months ago.
Sorry - I'm not sure were on the same page here. You have an RA that you're entitled to cash in? You must contact OM advise them you want to cash in the policy. They will give you a withdrawal form for the cash value which you will complete and sign. They will action the instruction for you and pay the money into the nominate approved account. What am I missing here? If you have a broker ask them to assist you it will speed up the process.
Customer: replied 9 months ago.
Thank you I will contact them. I was under the impression that they would only pay out I when I turn 55. Thank you for your assistance.
Expert:  Shaie Zindel replied 9 months ago.
It depends on the rules of the fund but there should be a cash value less penalties for early termination you can access. Before you make a decision I suggest you get some financial planning advice. It may pay you to leave the RA in place rather than cash it in. Just a thought. If you're happy please remember to rate my service. Regards Shaie
Shaie Zindel, Attorney
Category: South Africa Law
Satisfied Customers: 1185
Experience: All areas of commercial and contract Law - specialist in property advice.
Shaie Zindel and other South Africa Law Specialists are ready to help you

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