- Sep 4, 2009
Assuming you meant "you can't top it up" : Still, what does this mean? The funds are frozen? You can't make any more contributions? Till maturity? I find this difficult to believe.
We just did a section 14 transfer, from Old Mutual to Sanlam, and were given no indication of anything of this sort...
No more contributions. It works on the same principle when you move jobs and you have a provident fund. You need to convert that to a preservation fund. Lets say you have R250 000 in your RA with Liberty. Once you do a section 14, you can move the R250 000, buy stocks of the value, and leave it. If you want to "topup", all firms would advise you to start a NEW RA.
OMW .... From Old Mutual to Sanlam (hope you didnt do the Echo bonus with Sanlam). (Crying a river for you) !
I try to convert guys looking at the "extra fees" that Sanlam charges a month for nothing. Once your section 14 is done, PM me please.