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IS IT really necessary to employ a financial intermediary to move retirement savings? Here is some advice.
A Fin24 user writes:
I have a pension fund from my previous company that is just sitting there and not earning a lot of interest.
I know exactly what preservation fund I want to move it to, but keep getting told that I need a broker to do the move for me.
I see no reason why I should spend R20 000 on involving a third party in the transaction.
Tiaan Fourie, product actuary at Sanlam, answers:
Sound financial advice is invaluable at all times.
You will be properly informed about the rules, benefits and features of a preservation fund as well as all the available investment funds to choose from, taking into account your risk tolerance. It ensures that you have all the facts to make an informed decision.
Contacting a financial adviser or broker for advice and assistance is therefore highly recommended. Please note that the financial adviser or broker's remuneration is negotiable.
You are not legally obliged to use an intermediary. However, it will be very difficult to do it without an adviser, since there are a number of transactions and administrative issues involved.
- Fin24
A Fin24 user writes:
I have a pension fund from my previous company that is just sitting there and not earning a lot of interest.
I know exactly what preservation fund I want to move it to, but keep getting told that I need a broker to do the move for me.
I see no reason why I should spend R20 000 on involving a third party in the transaction.
Tiaan Fourie, product actuary at Sanlam, answers:
Sound financial advice is invaluable at all times.
You will be properly informed about the rules, benefits and features of a preservation fund as well as all the available investment funds to choose from, taking into account your risk tolerance. It ensures that you have all the facts to make an informed decision.
Contacting a financial adviser or broker for advice and assistance is therefore highly recommended. Please note that the financial adviser or broker's remuneration is negotiable.
You are not legally obliged to use an intermediary. However, it will be very difficult to do it without an adviser, since there are a number of transactions and administrative issues involved.
- Fin24
