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WHAT IS A TAX-FREE TRANSFER?

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  • A new law gives you the right to transfer your tax-free savings to a different provider
  • The transfer can't go via your bank account
  • It has to be directly from one provider to another

Don't have any tax-free savings yet?
if not invest online

 

Why Transfer to us?


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GOOD RETURNS

Our Old Mutual Maximised Interest Fund gives a better expected return than the money markets. This quarter it's 8.6% p.a. after fees.

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PARTIAL TRANSFERS

You don't have to transfer the full value of your tax-free savings, provided that the transferred amount is a minimum of R5 000.

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IT'S EASY

The online application takes an average of 15 minutes.

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TRANSFER ANY TIME

No need to make an appointment with anyone. Apply online when it suits you.

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SAVE ON FEES

Zero advice fees when you apply online.

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AWARD WINNING BRAND

Winner of the Life Assurance category at the prestigious 2017/2018 ICON brands survey.

How to transfer to us

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Apply online

  • Applying for a replacement Tax Free Plan takes 15 minutes.
  • You'll only have to estimate the transferable amount.
  • An ID document and proof of residence is needed if you're transferring more than R50,000.

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Receive a transfer request form

    After you've submitted your online application, we'll send you a Transfer Request Form (as a PDF) via email.

    We’ll pre-populate as much info as possible, e.g. your personal details and our banking details.


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Send the form to your current provider

    Complete the Transfer Request Form and sign it. Then send it to your CURRENT tax-free product service provider so they can process the transfer.


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Your transfer is processed within 10 business days

    What happens at your CURRENT Provider

    • Receives the Transfer Request Form from you.
    • Ensures that all their requirements are met.
    • Transfers the cash value of your investment to Old Mutual's bank account.
    • Sends a Transfer Certificate with details of the transaction to both (a) Old Mutual and (b) you.

    Please note: you must keep a copy of your Transfer Certificate for 5 years.

    What happens at Old Mutual

    • Receives the Transfer Certificate & funds from your provider.
    • Issues your policy with the updated value of your investment.
    • Invests the transferred money in your policy.
    • Emails you the policy contract.

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Set up a regular debit order

    Once you receive the email with your contract, you will have the option to set up a regular debit order on that policy.

    To set up a debit order, please fill in this form and fax it to 0860 607 500.


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GOT ANY QUESTIONS?


Yes, if you’re their parent or legal guardian.

Note: proof of ID, and your child's birth certificate (or proof of guardianship), are required when applying online.

You can transfer in to your existing Old Mutual Invest Tax Free Plan.

A Tax Free Plan allows you the freedom to choose the underlying investment funds. So, if you already own a Tax Free Plan, you can arrange a transfer by filling in this form and faxing it to: 0860 607 500.

If the value is more than R50,000, we’ll also need your proof of ID and residence.

If you don’t have a Tax Free Plan and are looking to invest, it’s a simple and quick process - you can get started here.

While there is no maximum value, transfers have to have a minimum value of R5,000.

Yes. You can request a partial transfer (to a minimum of R5,000). Make sure to indicate this on the Transfer Request Form to your provider.

Note: if you have more than one tax-free savings account, you will need to ensure that you do not contribute more than the SARS limits (currently R33,000 in a tax year; and R500,000 in your lifetime).

Unfortunately, no. We can't take transfer of another provider's investment funds directly. We are only able to accept transfers in Rand amounts.

You can transfer to another service provider by filling in this Transfer Out Form and faxing it to us at 0860 607 500.

If you’d like to give us feedback, or a chance to improve our offering, please send us an email with more details service@oldmutual.com

Any payment from your own bank account into a tax free savings account is viewed by SARS as a NEW contribution, and so will count towards the tax-year limit of R33,000 (and the R500,000 lifetime limit). If you exceed these limits, SARS will make you pay a penalty.

For example, say you contributed R10,000 into Tax-free Account A. You were unhappy with how it performed and decided to withdraw the money into your bank account. You then decided to use that R10,000 with Tax-free Account B. SARS would view your total contribution for the tax year as R20,000, not R10,000.

The only way that a 'transfer' can count as a transfer, is if you don't ever touch the money yourself - it must go instead from company to company, using a Transfer Request Form and a Transfer Certificate.

If you didn’t find the answers you were looking for, please get in touch:
Email service@oldmutual.com 
Call 0860 50 60 70