Government regulations limit you to investing a maximum amount of R33 000 per tax year and R500 000 over your lifetime. If you have more than one tax free savings product, the maximum limit will apply across all of your products.

You can increase, decrease, stop or restart your regular investments at any time. You can change your regular investment debit order date, to any date you choose. The change can only be made three or more working days before the next payment.

You can choose to increase your regular investment with a yearly increase percentage. If you have selected a yearly increase, the increase date will be the anniversary date of the plan each year.

The South African Revenue Services (SARS) will levy a tax of 40% on all contributions that exceed R33 000 per tax year. You should monitor your contributions to ensure all your tax free investments do not exceed the limits imposed by the government.

We will also monitor your contributions. If at any point, we identify that your investment could exceed the allowance, we will help you to reduce your contribution amount or pause regular investments until the next tax year*.

*The tax year is from the beginning of March to the end of February the following year.

An administration charge of 0.75% per annum of your fund value will be charged. This will be deducted at the end of every month. If you don’t have a regular investment set up, the administration charge will be a minimum of R20 per month.

Administration charges can be reduced with our Investment Maximisers.

Asset management fees are also applicable but the amount will depend on the fund(s) you choose.

Investment Maximisers can help you make the most of the growth on your investment.

• Reduce administration charges from 0.75% per year to 0.50% per year, when you choose underlying funds managed by Old Mutual.
• Refund of administration charges if, at the end of each tax year, you have invested at least R30 000 in that year, across your Old Mutual Invest plans. We will refund* up to half of the administration charge you paid during that tax year.

*The refund will be paid proportionately into the underlying funds in your Tax Free Plan.

All adviser fees are paid by you to your adviser. Old Mutual facilitates the payment on your behalf. You can negotiate these fees and the fees could be a combination of the following:

Fees are paid for initial financial advice given when applying for this plan, and which underlying investment funds you choose when setting up a regular investment at the start.

If you choose to receive ongoing financial advice, your adviser will provide you with ongoing advice on the product and your chosen investment funds.

There are three types of adviser fees (all including VAT), or a combination of them, that might be applicable.

• a) Financial planning fee: Payable when a regular investment is set up and can be negotiated up to the amount of the first regular investment you pay (capped at R2 750).
• b) As-and-when advice fee: Negotiable between 0% - 3.45% of each contribution.
• c) Ongoing advice fee: Negotiable between 0% - 1.15% per annum (calculated as a percentage of your total investment value).

The as-and-when advice and ongoing advice fee work together in that the maximum of both cannot be paid. If one is higher, the fee for the other can be reduced accordingly.

Financial planning fees can be paid as a once-off amount upfront, deducted from your first regular investment, or as a monthly charge until the full financial planning fee has been paid off.

You can change both the amount and the recipients of future advice fees at any time. Payments that have already been made cannot be reversed.

You can withdraw money/disinvest at any time* at no charge. You can also set up regular withdrawals if you want your money to be paid out regularly. The money will be paid into your account seven business days after receiving the withdrawal notice.

*The money you take out still forms part of your annual allowance, it does not get deducted.

When you take out a Tax Free Plan, you can nominate one or more beneficiaries on your plan. In the even of your death, the proceeds of your plan will be paid out according to the percentages you have allocated each one of them*. You can change the beneficiaries and the allocated percentages at any time.

*If no beneficiaries have been nominated, the proceeds will be paid to your estate and will be included in the calculated estate duty. The plan comes to an end at your death.

You can request to cancel the plan within 30 days of application and approval. This is referred to as a ‘cool-off’. You will receive the total amount of investments made by you, less any market loss (if applicable).

Once your application has been processed, we will send you a contract pack detailing your plan. Thereafter, yearly statements will be sent.

You can also manage your investment information via MyPortfolio. For any assistance on applying online, contact us on 0860 66 54 63 or chat to us with Live Chat.

For questions on your investment, email us or contact us on 0860 50 60 70.