Before 1 March 2018 it was impossible to transfer the funds in your Tax Free Savings Account (TFSA) to another provider for any reason, even if you received poor service, or returns.
That has, thankfully, changed – your provider must offer a transfer-out option, although providers are not obliged to accept transfers in.
Old Mutual allows transfers in and out through a simple, user friendly process.
Plus, there are no penalties when transferring to, or from, another product provider.
Thinking of transferring to Old Mutual?
The process for transferring your TFSA is easy and any customer – whether existing or new, intermediated or non-intermediated – can submit a request.
Existing Old Mutual customers are required to complete two request forms – the “Transfer Request Form” and the “Old Mutual Invest Transfer via LSI Form”.
You can email or fax your Transfer Request Form to Old Mutual to be signed by the designated Old Mutual representative.
Once you’ve received back the signed copy of the Transfer Request Form, you must submit it to your current service provider.
If you’re a new customer with an intermediary, you only need to complete the Transfer Request Form and the normal new business application process with your new adviser or broker.
If you’re a new customer without an intermediary, signing up for an Old Mutual Tax Free Savings Accounts can be done online or via the 22seven app.
Transferring from Old Mutual is as easy as 1, 2, and 3:
Request a Transfer Request Form from the provider to which you intend to transfer your TFSA.
The receiving provider must complete the relevant sections of the form and sign it to indicate acceptance of the transfer request.
Complete the Old Mutual Invest Tax Free Plan Transfer out Form, available online or upon request, and submit both the completed Transfer Request Form and the Old Mutual Invest Tax Free Plan Transfer out Form to Old Mutual.
Where applicable, you will also need to provide FICA documents.
A transfer out should be completed within 10 working days after the receipt of all information and supporting documents.
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