Listen: The tax implications of cashing in your pension

How much tax do you save by investing into an RA? What is the tax bill when you cash out? Why is it a bad idea to use your pension to settle your debts? If you’re thinking about cashing in your retirement fund or starting one, listen to Maya (@mayaonmoney) and Mapalo (@womanandfinance) as they answer reader questions.

 

2 CommentsLeave a comment

  • Hi Maya. I am goign to resign at the end of the year because I am to work abroad next year. I currently work for the government. I am not planning to cash in my pension (worked for 7years) but would like to know what other pension schemes I can transfer my pension to? Thank you. Michelle

    • You would need to transfer to a preservation fund. Most of the providers of investments offer a preservation option but watch the costs! All unit trust companies like Marriott, Allan Gray, Investec etc, most of the low fee tracker options 10X, Satrix etc

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