Question:
I am 57 and have moved from a private school into a Headship of a Government school. I have a pension with Old Mutual and want to transfer it into a preservation fund. I need to do this with as little costs as possible. The quote I have had is 3.4% of the total pension + 1.2% per year. This to me is ridiculous. I simply need to move it and thus, should not incur any costs as I want to leave it with Old Mutual. Please advise. THANKS
Answer:
Derek, Please be aware that we are not Old Mutual, we are 10X Investments. We do not offer advice in this forum as we cannot do so without doing a full financial needs analysis. But we agree, this quote is very expensive and there are cheaper options in the market. You don't have to stay with Old Mutual. For example, with the 10X Preservation fund there is no initial cost (also no broker fees or performance fees) and the annual fees are lower at 0,9% on the first R0,5m; 0,8% on the second R0,5m and 0,7% on the next R4m (thereafter falling to 0,5%). These rates exclude VAT. Find out more about the 10X Preservation fund. Find our how we invest your money. See our performance.
