Transfer your retirement fund to 10X
Dozens of companies have transferred their retirement fund to the 10X Umbrella Funds. While this is a regulated process it need not consume much of the employer’s time and resources. The 10X administration team assumes this burden and works directly with the transferring fund and the Financial Services Board.
The efficiency of the transfer is largely dependent upon the quality of the transferring administrator and the state of the transferring fund. Inefficient administrators and “messy” funds generally take longer to transfer assets.
There are three steps to the transfer:
- The employer must communicate its intention to transfer to employees in writing
- 10X can assist with this process
- 10X can provide a presentation to employees explaining the benefits of joining the 10X Funds.
- The employer must serve notice to the existing administrator/broker
- 10x can assist with this process.
- Transferring the assets
- This is referred to as a Section 14 transfer as the terms of the transfer are set out in Section 14 of the Pension Funds Act.
- 10X facilitates this process. 10X interacts with the transferring fund and its administrators as well as the Financial Services Board (FSB).
- 10X updates the company on the progress of the transfer on a regular basis.