RA's for dummies...

SaiyanZ said:
7.35% is pretty decent for instant access.

I have a 90/10 account with ABSA (10% available immediately, the rest with 90 days notice). Interest rate of 7.10% currently.
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You can get 9% by prepaying your bond ! Instant access if it is a flexi bond !
 
zerocool2009 said:
You can get 9% by prepaying your bond ! Instant access if it is a flexi bond !
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I don't own property at the moment so no bond. Plan on buying only once I decide on settling in a city. It feels easier to rent for now as I can jump from city to city when an opportunity arises without much hassle.
 
I was the dumbest @#$@#$ alive to start a RA with Liberty !

I paid enough school fees and funded their company !

If you have anything else besides life cover (investigate what you are paying in fees !)
 
Well, what I can say I am cutting ties with anything related to Liberty. That include sub firms, outsourced brokers, you name it...

The best wording / effort that I could get from them was:

"Please accept my apologies for the inconvenience caused."
 
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I just did the same, moved my life cover. Horrible company, they event tried to reinstate the cover without my permission. Got an email stating they are processing my reinstatement instruction - an instruction I never gave.
 
Wife is being retrenched in early 2017. Instead of putting it into a preservation fund, can I transfer it directly into my pension fund. Reason for this is that my fund has very low costs. (Yep, I am still looking at Sygnia and 10X)
 
air said:
Wife is being retrenched in early 2017. Instead of putting it into a preservation fund, can I transfer it directly into my pension fund. Reason for this is that my fund has very low costs. (Yep, I am still looking at Sygnia and 10X)
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I don't think so no. It would have to a be a fund in her name. Or else it would be taxed as a withdrawal...
 
xrapidx said:
I just did the same, moved my life cover. Horrible company, they event tried to reinstate the cover without my permission. Got an email stating they are processing my reinstatement instruction - an instruction I never gave.
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That is just SAD ! In my view ... if companies like Liberty don't have customers they cant make money ! I am moving, so I hope they don't pull a thing like what you described with me ! I wont be happy at all
 
I have heard back from Liberty and confirmed it with my broker that they will not charge me any penalties for doing a Section 14 Transfer. Now to get the process started.
 
Ianvn said:
I have heard back from Liberty and confirmed it with my broker that they will not charge me any penalties for doing a Section 14 Transfer. Now to get the process started.
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Awesome ! Without customers a company is NOTHING !
 
From my 10X quarterly newsletter
Confirmed: excess pension and RA contributions made before 1 March 2016 can be rolled over

Before 1 March 2016, retirement annuity contributions that were above the allowable deductible amounts could be claimed in future years, subject to the prevailing legal limits. Excess pension fund contributions could not be rolled over in this way, but such amounts could be taken tax free at retirement.

The 2016 harmonisation changes provided that all excess retirement fund contributions made after 1 March 2016 could be rolled over to future years. However, this did not refer to excess contributions made before 1 March 2016, which implied that excess RA and pension fund contributions made before 1 March 2016 could not be rolled over in the 2017 tax year and beyond, and could only be received tax free at retirement. Again, this was not the intention. It is therefore proposed that excess contributions to both RA and pension funds, made before 1 March 2016, can be rolled over and claimed in future tax years.

However, this does not apply to employee provident contributions made before 1 March 2016, as these were not subject to annuitisation before 1 March 2016. This amendment will be effective from 1 March 2016.
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Ianvn said:
I have heard back from Liberty and confirmed it with my broker that they will not charge me any penalties for doing a Section 14 Transfer. Now to get the process started.
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Thats great news. I am still waiting for Old Mutual's actuaries to get back to me with a breakdown of the transfer fees and penalties. Apparently they need 2 weeks to do this.:confused:
 
koogs said:
Thats great news. I am still waiting for Old Mutual's actuaries to get back to me with a breakdown of the transfer fees and penalties. Apparently they need 2 weeks to do this.:confused:
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It's because their products are so complex that the providers don't even always fully understand it...
 
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