Retirement Annuity Full Commutation Due To Emigration (RSA) t&c's

IMPORTANT NOTES

• Legislation and the South African Retirement Annuity Fund (SARAF) rules make it possible for emigrated members of SARAF to request a surrender termination of the policy held by SARAF.

• The only proof we require from the member that he has emigrated is the provision of an SA currency blocked rand bank account in the name of the member.

• Payment will only take place if valid blocked rand bank account details have been provided.

• If no blocked rand bank account has been set up, please contact the bank that facilitated your emigration (Authorised Dealer)

• South African Revenue Services (SARS) Form C (Request for a Tax Directive) will be completed by Old Mutual, only after these requirements have been met

• SARS will supply the tax directive to SARAF.

• Once the directive is returned to SARAF, tax will be paid to SARS and the remaining funds will be deposited into the blocked rand bank account supplied. Any IT88 (outstanding tax) amounts will also be deducted before paying the member. Please allow a maximum of three (3) months for SARS to finalise and return the Tax Directive to SARAF. Old Mutual and SARAF will not be held responsible for any delays which may occur while SARS completes the assessment.

• I hereby absolve Old Mutual from any risk or liability resulting from the proceeds being deposited into an incorrect bank account in the event that I supplied the incorrect banking details.

• Old Mutual is the administrator of South African Retirement Annuity Fund (SARAF).