Change my momentum investment

[shooter69]

I have a "Funds at work" investment with Momentum. I think it is an RA

I have changed jobs and the new company has its own RA. So now I would like to update my Momentum investment to something that invests in foreign investments only. I feel SA is in too much of a shaky situation hence the want for change.

Do you guys think Momentum would do it?
Not sure what options they have regarding investing in foreign investments only.
Have anyone else done this before?


edit: IT IS A PROVIDENT FUND

 

[Eti1]

I have changed jobs and the new company has its own RA. So now I would like to update my Momentum investment to something that invests in foreign investments only.

Can't be done in the RA wrapper. Regulation 28 limits you to 25% offshore exposure.

 

[shooter69]

So is there no way to convert the RA to something else?

 

[Ray7905]

Nope. Can change funds yes, but like Eti1 said, max 25% offshore.

 

[shooter69]

Ok I checked it is not an RA. It is a Provident fund. Same rules?

 

[Eti1]

Ok I checked it is not an RA. It is a Provident fund. Same rules?

Same rules. Regulation 28 of the Pension Funds Act.

 

[shooter69]

Same rules. Regulation 28 of the Pension Funds Act.

Well this sucks.
Do you know if they tax you to move the fund? I would like to move it from previous companies fund to new companies fund. Our HR was not sure about taxes.

 

[pdb]

won't be taxed if you move from a Provident Fund to a Retirement Annuity or Preservation fund or your new company's Provident Fund - still adheres to the Reg28 rules. You can move your existing Provident Fund to your company's new fund as long as it is also classified as a PROVIDENT FUND. You cannot move it into a Pension Fund (the other type of umbrella fund offered by companies); if they only offer a Pension Fund, you would need to put it into a Preservation fund (basically a storage box) or an RA (where you contribute to it) (or take it as cash but that's a whole other kettle of fish!)

hope this helps!

 

[silkenphoenixx]

Yeah, if you want to move it all offshore your only real option is to cash it out, pay the tax, and invest through the usual methods.

 

[shooter69]

Thanx for info guys. Really appreciated.
I will see if I can just move it to the new companies fund. Wont take it out as cash as the tax would probably just eat all the gains.