Question:
I cancelled my Sanlam RA in 2012 but the money was not paid because it was above R7000.00. I am now financially stable, can I resume with the policy or I have to should I apply for the new one. I don't even know if I'm earning interest on the fund since I don't receive any statements
Answer:
Aletta, We are 10X Investments, not Sanlam, so you would have to follow up with them. Typically, they will ask you to take out a new policy, and you can then transfer your paid-up retirement annuity into the new policy. You should however consider a non-policy based retirement annuity (i.e. a unit trust based retirement annuity ). They are more flexible in that you can take a contribution holiday without making the retirement annuity paid-up, and you can change your contribution rates as you wish (subject to prescribed minimums), all without incurring any penalties. These unit-trust based retirement annuities are also a lot cheaper. We offer such an RA, as do other asset managers. Find out more here about the 10X RA.
