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The 10X Preservation Fund
of preservation fund: 10X offers only the new-generation (unitised) preservation
fund. This gives you the freedom to make one withdrawal before retirement, or
to transfer to another provider.
Investment strategy: The 10X Preservation Fund offers just one optimal portfolio. This portfolio is fully diversified across asset classes, securities, countries and currencies and adjusts automatically to your age and investment time horizon. 10X uses index funds.
Fees: The 10X RA charges just one investment management fee. The maximum investment fee is 1,04%. The TER (total expense ratio), which includes trading costs, is 1,20%. The 10X reported returns are net of these trading costs. The investment fee drops to 0,8% pa on amounts above R1m and to 0,57% pa on amounts above R5m. 10X does not charge admin, initial, exit or performance fees.
Contributions: The minimum investment is R50,000.
Sanlam Preservation Fund
Type of preservation fund: Sanlam offers two preservation funds – the Cumulous Echo Preserver and the Glacier Preservation funds. The former is a policy-based RA which means you cannot make your one withdrawal before retirement, or transfer to another provider, without incurring a variation charge. The Glacier version is not policy-based so you can make your one withdrawal, or transfer without penalty.
Investment strategy: You can choose from a wide range of leading investment funds selected by Sanlam (both actively manged and index funds). You can switch between these funds at any time. The first four switches in any plan year are free.
Fees: Fees vary per product and are disclosed upfront on your quotation.
Echo Bonus: With the Echo Preserver, you receive an amount, called the Echo Bonus, when you retire or terminate the policy. The longer you invest, the bigger the Echo Bonus
Advisor: You need to engage an advisor. You can negotiate a maximum advisor fee up to 1,14% pa. The Sanlam Preservation Fund permits an initial fee of up to 3,42%.
Minimum contributions: The minimum initial investment R25,000 (the minimum ad hoc add-on investment is R5,000).
Source: 10X Investments; Sanlam (www.sanlam.co.za); Information sourced on 28 June 2017.
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