Is there any tax liability in South Africa on the cash portion (commutation) of a UK State pension?

My wife and I are both citizens of UK, permanently resident is South Africa. We are both about to draw our deferred UK state pensions, and we intend to commute the deferred portions for cash, roughly R500 000 each. Is there any tax liability in South Africa?

Foreign pensions earned in another country are not taxable in South Africa so you will not have any consequences. However if you invest the amount in South Africa, you will be liable for the tax on the interest earned here.