NP
Neville P

1 reviews | Active since Feb 2011

12 Feb 2025, 11:36

In ability to cash out Retirement Annuity

I have been trying to cash out my Retirement Annuity with Stanlib for almost 18 months. I have tax emigrated and I am now living in Portugal. I have submitted my Tax residency change acceptance letter from SARS to Stanlib to ensure they do not subtract any taxes from this payout. I have also submitted the Double Taxation Agreement between South Africa and Portugal where it clearly states that taxes are due to Portugal where I am tax resident

These documents have been individually requested over this 18 month period as each request for payout has been rejected by Stanlib. The latest document requested is proof of tac residency in Portugal, to which extent I provided them my last years tax submission and outcome from Portugal Revenue authority. They declined this as evidence. I then had to make an appointment to get an official letter from the Tax authority in Portugal that stipulates that I am registered as tax resident in Portugal. This was scanned and sent to Sanlib, they rejected my application stating they needed my original letter as well as my original residency certificate - naturally with the poor history of document management and postal services there was no way I was going to send originals. I had to pay an attorney to certify copies of these documents as originals and courier these to South Africa at a very hefty cost. Stanlib once again rejected these documents because they were in "Portuguese" and they needed them in English. I then engaged to have these documents translated into English and resubmitted them - this was once again rejected because the documents were not certified. My financial advisor managed to load these documents into SARS E-Filing and these have been accepted by SARS - so as per SARS i am tax emigrated, I have registered with SARS that my tax residency is in Portugal and I am permanently resident in Portugal. YET Stanlib still refuses to release my Retirement funds.

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Replies (1)
STANLIB
STANLIB's reply12 Feb 2025, 14:00
Official
Good day, 

Thank you for making us aware of your complaint. 

Please be advised that one of our consultants will be in contact with you in order to assist.

Regards, 
STANLIB Resolutions