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This is a relatively simple process, although it can take a bit of time to complete. The minimum transfer from the Sanlam retirement annuity is R12,000.
As a first step, you need to send a transfer instruction to Sanlam. Their call centre should be able to send you this form on request.
You must then apply to join the 10X Retirement Annuity by completing the required application form, and submit this to us.
Once we receive your documents we request the necessary Section 14 transfer documents from Sanlam. On receipt, our Principal Officer signs off on this, and we return it to Sanlam. We then ask Sanlam to pay your benefit across to us, with proof of payment. On receipt, we finalise the investment and issue you an online certificate, confirming the transfer from the Sanlam retirement annuity.
Please note that your transfer may be subject to an early termination charge from Sanlam. Your provider may incur certain upfront costs (mainly sales commission) on your policy, which they recover, with interest, over the life of the contract. The costs depend on the terms you have agreed to: the higher your contribution, the higher your escalation and the longer your service period, the bigger your broker’s commission and the higher your upfront costs.
If you break these terms, it accelerates the recovery of those costs. That’s when you see a variation or early termination charge against your savings. This charge is not really a penalty as you would have incurred these costs anyway over the life of the policy.
The life assurance companies prefer the term “penalty” as this then attributes the charge to the policyholder’s actions rather than the policy provider’s terms.
Transfers out of the 10X do not attract an early termination charge.
Source: 10X InvestmentsDisclaimer: We are not affiliated, associated, authorised, endorsed by, or in any way connected with Sanlam or any of its subsidiaries or its affiliates. The official Sanlam website can be found at http://www.sanlam.co.za. The use in this website and/or in related promotional print or video material of trademarked names and images is strictly for editorial and descriptive purposes, and no commercial claim to their use, or suggestion of sponsorship or endorsement, is made by 10X Investments. Any product names, logos, brands, and other trademark or images featured or referred to within this website are the property of their respective trademark holders. These trademark holders are not affiliated with 10X Investments, our products, services or our websites.