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It is quite simple to transfer your Retirement Annuity (RA) from your current provider to EasyEquities.
The transfer process can take a few weeks to complete, depending on your current provider. As soon as we receive instruction from them, we will notify you accordingly.
Activate your EasyEquities RA account and accept the T&Cs on the Easy platform. Email email@example.com and tell us where your RA fund is currently invested. We will require you to complete the Termination and Transfer document provided by EasyEquities here. Kindly email us the RA fund transfer application form, a copy of your ID document (front and back), and proof of tax number - any SARS document displaying your name and tax reference number.
Kindly contact your current RA provider and/or refer to your policy document for details to enter on the termination letter. Once we have received the above information, we will send you the below documents to sign and submit to your current Management Company to start the transfer process:
1. EasyEquities Application Form
2. EasyEquities Quote
3. Section 14 Application Form (if applicable)
Do I pay any taxes if I transfer my Retirement Annuity to EasyEquities?
The transfer from one Retirement Annuity to another is called a section 14 and there no taxes payable when doing this type of transfer.
Is there a penalty or a cost to transfer my Retirement Annuity to EasyEquities?
There is no penalty or cost from our side but your current provider may charge you a fee or penalty to move. Please request a “what if quote” from your current provider and let them know you are moving your Retirement to another provider and would like to understand the costs involved. If there are costs involved, weigh up the short-term cost versus the cost on savings over the longer term.
The RA transfer to EasyEquities can only be a cash transfer (not a unit transfer), which means you cannot transfer your existing investments (units) within your RA. You would need to liquidate your investments (units) in the RA and then transfer the cash. Your current provider may levy fees for the transfer so please check with them first. While we have worked very hard at ensuring the process is as efficient as possible and will follow up on the transfer continually, we are somewhat at the mercy of the providers handing your investment over to us. As such it can take a good deal longer than expected. We will keep you updated as much as possible during the transfer.