What is YCSA?
The Young Investors Collective
We are a group of financial advisors committed to sharing our ideas on positive, sustainable growth for the South African economy (macro-view) and promoting responsible saving and financial planning for individuals (micro-view).
YCSA: Partner Spotlight: QROPS Pensions
QROPS in the South African Context
Even though, most members of QROPS are not required to pay taxes, there are instances where taxes are levied. There are two instances under which individual can be taxed and these include:
- Instances where pensions are transfered from a registered pension scheme besides QROPS or a registered pension scheme. This shall be considered an‘unauthorised payment.’
- Instances where payments made from QROPS attract membership payment charges; this is usually where the payment would have been taxable as a lump sum or an‘unauthorised payment’if paid from a registered pension scheme.