Unit Trust based Retirement Annuity transfer

xrapidx

xrapidx

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After almost beyond over joined with the closing of my ABSA accounts, I just realized I still have a retirement annuity with with AIMs... can anyone outline how I can get this transferred, I'm expecting it to be a hassle. I think its a S14 transfer?

Notes
*Its unit trust based
*Its split across four funds.

Its only about R90,000 - so I think i'm going to transfer it all the my Allan Gray one.
 
Why would it cost me money? (I actually have it in writing from them that it won't cost a cent, its something I made sure I had before taking it out)

Also C - How can you judge the performance without knowing the funds its split across?
 
alf101 said:
I understand that, but
a: They feel f all if you take it out.
b: Your "revenge" is costing you money and not hurting them in the slightest - so basically you're screwing yourself to make yourself feel better..
c: Their performance isn't that bad, or wasn't last time I looked.
d: Allan gray ain't that hot any more.
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I've just been checking (working till 6 and its damn quiet), there doesn't seem to be any transfer fee charged on a Section 14 transfer.

Allan Gray funds might not be hot, but their systems are jacked up and performance depends where his underlying unit trusts (coronation, stanlib, marriott or whomever) are on his Allan Gray RA and where he will puts the new ones.
 
alf101 said:
You're lucky that they'd give it in writing.

C: Their fund performance in general hasn't been bad, their Balanced fund is improving.
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My policy with ABSA is split across Investec, Allan Gray and ABSA (there's a forth one, I think its another Investec)
 
alf101 said:
Rather go with the Allan Gray one then.
That one sounds like extra fees.
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Well - while I was contributing to it, it made almost 0% over two years because of fee's - when I stopped contributing, it suddenly started increasing in value.
 
So... forgot about it - looked at it again - and it hasn't really increased.... (fees) - example - broker fee's for somethnig that hasn't changed in years.

Does anyone know how you transfer a unit trust based RA to another managing company?
 
xrapidx said:
So... forgot about it - looked at it again - and it hasn't really increased.... (fees) - example - broker fee's for somethnig that hasn't changed in years.

Does anyone know how you transfer a unit trust based RA to another managing company?
Click to expand...
Your best bet is to get the company receiving your money to help with the transfer. They will let you know how to go about it and, if they are very helpful, will actually handle the entire process for you.

Otherwise, you have to instruct your current RA company to initiate a transfer - probably a form of some type. You will then have to deal with their retention people who will try just about everything to keep you with them... The form will ask for info that only the receiving company has, e.g. their RA fund's bank account details which is why it's usually easier to get the receiving company to handle it, if possible.
 
Rkootknir said:
Your best bet is to get the company receiving your money to help with the transfer. They will let you know how to go about it and, if they are very helpful, will actually handle the entire process for you.

Otherwise, you have to instruct your current RA company to initiate a transfer - probably a form of some type. You will then have to deal with their retention people who will try just about everything to keep you with them... The form will ask for info that only the receiving company has, e.g. their RA fund's bank account details which is why it's usually easier to get the receiving company to handle it, if possible.
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Its a Unit Trust based RA though? So I'm not sure if it works the same way? ABSA have not been much help in the past, so I doubt they'll be much help now.

I'm wanting to transfer it to my Unit Trust based RA at Allan Gray - managed by myself, I'll try them.
 
xrapidx said:
So... forgot about it - looked at it again - and it hasn't really increased.... (fees) - example - broker fee's for somethnig that hasn't changed in years.

Does anyone know how you transfer a unit trust based RA to another managing company?
Click to expand...

You fill in a section 14 form. It works the same as any other type of RA transfer.
 
xrapidx said:
Its a Unit Trust based RA though? So I'm not sure if it works the same way? ABSA have not been much help in the past, so I doubt they'll be much help now.

I'm wanting to transfer it to my Unit Trust based RA at Allan Gray - managed by myself, I'll try them.
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Should work very similarly. If it's a unit transfer from a UT RA it depends on both parties to determine how it will be handled. If the receiving company cannot receive unit transfers (i.e. they don't have the same investment products on their platform) the transferring company will first have to convert everything to cash and then transfer it.

In your case I would give Allan Gray a call. The receiving companies are usually happy to help with process - Sygnia certainly was in the case of my transfer from a Liberty RA.
 
xrapidx said:
So... forgot about it - looked at it again - and it hasn't really increased.... (fees) - example - broker fee's for somethnig that hasn't changed in years.

Does anyone know how you transfer a unit trust based RA to another managing company?
Click to expand...

On the first part, obviously one should be able to cancel/remove the advisor if you don't want their services (aka fees) on there anymore. What's the underlying funds in the RA?

And still can't offer advise on the transfer, since I STILL haven't done that lol.
 
supersunbird said:
On the first part, obviously one should be able to cancel/remove the advisor if you don't want their services (aka fees) on there anymore. What's the underlying funds in the RA?

And still can't offer advise on the transfer, since I STILL haven't done that lol.
Click to expand...

Allan Gray Balanced A
Investec Opportunity B
WS Absa Select Equity Fund B
WS Investec Equity B3

Fund is R100,000 now. Just checked

Fee's are as follows for 2015 (no money going in from my side)
AIMS Administration Fee (R 392,16)
Annual AIMS Processing Fee (R 196,65)
Financial Advisor Service Fee (R 261,48)

I'd prefer fee's going to a company I have a bit more respect for.
 
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