Application to exercise a maturity option

Transcription

1 Application to exercise a maturity option Policy/Contract number We recommend that you contact your personal financial adviser befe making any changes to your financial ptfolio. equirements 1. This fm fully filled in, in black ink and in block letters, signed by the policyholder/investment owner, and co-signed by the spouse if married in community of property on/after 1/11/ Certified copy of an identity document (baptismal/birth certificate, both sides of card driving licence, identity document passpt). 3. A copy of your iginal, complete bank statement a cancelled cheque in confirmation of your bank details. 4. Trusts: The trust deed. A current and valid letter of authity issued by the Master of the High Court, setting out who has been appointed as trustees. A resolution signed by the designated trustees, authising certain trustees to act on behalf of the trust (only necessary where not all the trustees will be signing documents). This fm is only valid f three months after date of signature. Contact person Contact number Fax number address Section 1: Financial adviser * Please fill in details of servicing financial adviser. ** Please choose the discounting option (if applicable) f as-and-when commission * Financial adviser name Broker house code Financial adviser code Commission reference no Gross commission split **Discounting f as-andwhen Financial adviser code Marketing adviser code Marketing adviser split Branch name Marketing adviser name Telephone number Are you registered to market life insurance under the Life Offices Association and are you fully conversant with and do you accept the S reference system and the consequences of this? 1. I declare that I have explained and handed to the investment owner the applicable terms and conditions relevant to the investment agreement pri to the signature of the application fm. 2. I declare that I have explained to the investment owner the meaning, implications and potentially detrimental consequences of replacing an insurance policy. I declare that I have explained to the investment owner the meaning and implications of the valid Momentum quotation. 3. I acknowledge that, if I have chosen discounted as-and-when commission, the Broker house s finance model will determine the percentage to apply on the date of the application s acceptance. 4. I acknowledge and understand the implications of the commission vesting term that I have chosen in this document. A default term of two years will be implemented if no selection is made. FICA declaration I confirm that I have identified the client, including the investment owner, insured life/ves, contribution payer and cessionary, where applicable, and verified his/her/their details on this contract under the requirements that section 21 of the Financial Intelligence Centre Act,. 38 of 2001, sets out. I further confirm that, in terms of section 22 of the same Act, I have sted all the verification documents. Signature of servicing financial adviser M M 2 0 Y Y Momentum Group Limited 268 West Avenue Centurion 0157 PO Box 7400 Centurion 0046 South Africa ShareCall Cellphone Telephone Fax client@momentum.co.za eg /002186/06 Momentum is an authised financial services and credit provider. Licence

2 Section 2: Policyholder/investment owner Title Surname/Name of legal entity Previous surnames If a legal entity, the type of legal entity Initial/s First name Contact person in case of legal entity Gender: of birth Identity/egistration/Passpt number Male Female Crespondence language: English Afrikaans M M Y Y Y Y SA ID: Postal address Postal code esidential address Postal code Please use the above addresses f crespondence about this contract only. Telephone - wk Telephone - home Fax - wk Cellphone address Which method of communication do you prefer? Post te: F the time being, certain documents from Momentum are not yet available electronically. We will continue posting those to you. Section 3: Continuation Continuation amount Initial savings term Y Y years and M M months The continuation date is date of maturity but may be moved to the date of receipt of full requirements, if it is later. Please choose the investment funds in Section 6. Continuation options Please tick and complete the appropriate option: Continue without further contributions Continue with further contributions If you choose a contribution where the new contribution payable is me that 20 of the contributions you paid in either of the previous two years, it will put your contract in a restricted period. This restriction may limit certain values and contract benefits f a further five-year period. We recommend that you consult your financial adviser. ecurring contribution* Payment date of first contribution Payment frequency: Contribution growth: Payment method: M M Y Y Y Y Monthly, Debit der Funded by an annuity Quarterly CPI** Half-yearly Contract number *** On stop der payments, we charge an additional fee on the contract, currently 2,5 of each contribution. This will reduce the amount invested to purchase units, and the guaranteed value/s if applicable. Momentum will allow payment by stop der under certain qualifying business conditions only. Attach the stop der fm, a copy of the identity document and payment slip to the application. Yearly of first contribution increase M M Y Y Y Y * Subject to the applicable minimum ** Consumer Price Index is applied with a five-month lag and limited to a minimum of 2.5 and a maximum of 20 Cash (not f monthly contributions) Stop der*** Employee number Code Electronic transfer 2

3 Section 3: Continuation (continued) Account infmation Name of account holder Name of financial institution Account type: Current Savings Transmission Account number Branch code Branch name Should Momentum group all collections from this account number and deduct them from your account as one amount? I, the undersigned, authise Momentum to debit my account with the contributions due f the investment. I undertake to infm Momentum of any change in my bank details and I authise Momentum to verify such bank details with my bank. I accept that Momentum may debit my account on a date other than that specified. If I am signing on behalf of an institution, I declare that I am duly authised to do so. Signature of account holder/ authised signaty* *Attach copy of resolution by legal entity, setting out authity to sign on its behalf 2 0 Y Y Continue with income required This option is available only if the continuation amount exceeds Details of bank account into which Momentum will pay income payments must be given in Section 5. Please note that no further contributions are payable if you choose this option. We will make direct payments into a bank account only and we will not issue any cheques. Choose between the Capital Guarantee Fund Investo funds: Capital Guarantee Fund Maximum Income Investo Funds per month (and amount only) In the Capital Guarantee Fund, we guarantee the capital amount, provided that the income percentage is below the maximum percentage allowed, but we do not guarantee the interest rate on the fund and it can vary every month. Income amount per month (and amount only) Please choose the income funds in Section 6. Income will be paid proptionately from the chosen Investo funds. Section 4: Withdrawal options You can combine this with Section 3 if you take a part of the maturity proceeds in cash. Ption of maturity proceeds to be paid as a cash lump sum: Total net cash value O Part of the net cash value (Also fill in Section 3) To enable us to pay the cash value into your bank account, please fill in Section 5. Section 5: Personal bank details Momentum does not allow third-party payments Name of account holder Name of financial institution Account type: Cheque Savings Transmission Account number Branch code Branch name Signature of policyholder/ investment owner 2 0 Y Y 3

4 Section 6: Investment details Indicate the full and crect name/s of the fund/s chosen Continuation amount Name of fund/s Amount Percentage Income will be paid proptionately from the chosen funds (where appropriate) Total ecurring contribution Name of fund/s Amount Percentage Total Section 7: Declaration Payment of full partial proceeds (delete if not applicable) 1. I/We warrant that 1.1 I am/we are the legal owner/s of the policy/contract, and competent to deal with the policy/contract. 1.2 My/Our estate/s is/are solvent and has/have never been sequestrated. 1.3 I/We have not ceded pledged the policy/contract to anyone either by antenuptial contract otherwise, except *in favour of Momentum as a security f a loan on it and/ Insert details of any other dealings with the policy/contract. *Delete if not applicable. 2. I/We specifically authise Momentum to pay the proceeds due to me/us into the account indicated and I/we indemnify Momentum against all actions, suits, claims, demands, costs and expenses resulting from Momentum giving effect to my/our instruction, including but not limited to all actions, suits, claims, demands, costs and expenses by any third party claiming greater rights to the policy/contract than me/us. (Delete if not applicable). Advice fee - continuation amount Initial advice fee/commission Trail fee/commission Advice fee - during extended savings term Endowments As-and-when (0-5) * Trail fee (0-0.75) ** * Maximum of 5 f recurring endowments, and 3 f recurring sinking funds ** Available f endowments on continued amount Advice fee - recurring contribution Level of commission of maximum commission (0-100) Upfront As-and-when Trail Total Commission vesting term (if you chose upfront commission) years 4

5 Section 7: Declaration (continued) 3. I confirm that my financial adviser will receive an ongoing advisy fee, as indicated in this section, per year on the value of the investment funds. I understand that all ongoing fees are payable on a monthly basis. 4. I warrant that the infmation provided herein is true and crect and that this application fm has been completed crectly and fully. Momentum Group and/ Momentum Wealth, as applicable, will not be liable f any loss damage that I may suffer as a result of increct fraudulent infmation inserted later any unauthised amendments to this fm. 5. I acknowledge and accept that this application fm is subject to the Momentum Investo continuation terms and conditions (MOMAD 135) as at the date of signature of this application fm. I confirm that I have carefully read and have understood the Investo continuation terms and conditions and agree to be bound by them. 6. I understand and agree that if any tax law, rule directive any other law affecting this investment changes in any way whatsoever, Momentum Group and/ Momentum Wealth as applicable, may make such reasonable amendments necessary to this agreement as it considers appropriate and will notify the invest within 30 days of such amendment. 7. I understand and agree that my financial adviser is responsible f determining my risk profile and selecting investments that best suit my risk profile, personal circumstances and investment objectives. 8. I understand and agree that the investment option that I selected is subject to market risk and the value thereof will fluctuate with the market. I warrant that I have not received from Momentum Group and/ Momentum Wealth any assurance guarantee as to the expected return on my investment. 9. I warrant that I am capable of evaluating and understanding the investment (on my own behalf through independent professional advice), and understand and accept the terms, conditions and risks of the investment. 10. I agree and accept the fees, charges and periods f administrative processes as detailed in this application fm, Terms and Conditions, investment certificate and general business practice of Momentum Group and/ Momentum Wealth, as applicable. 11. I understand and agree that I will be obliged to comply with any minimum and maximum investment terms stipulated by legislation regulation. 12. If I/we select a ption of the maturity proceeds to be paid as a cash lump sum, I/we cede, subject to the prevailing terms of the contract, all my/our right, title and interest in the contract to Momentum Connect, in consideration f which I/we accept payment of the cash value from Momentum on behalf of Momentum Connect. Signed at 2 0 Y Y 1. Signature of policyholder/investment owner 2. Signature of policyholder/investment owner 3. Signature of spouse if married in community of property 4. Signature of cessionary In the case of a legal entity: 1. egistration number 2. Name in block letters 3. Designation 4. I am duly authised to represent the legal entity Signature 2 0 Y Y 5

6 Investo continuation terms and conditions General 1. I warrant that all the infmation that I have supplied f the processing of my application is crect and complete and that I have disclosed all the facts that are imptant to the issuing of this agreement. This infmation will fm the basis of the contract with Momentum Administration Services (Pty) Ltd ( Momentum Wealth ) and/ Momentum Group Limited ( Momentum Group ). Any reference to Momentum in this application will mean Momentum Wealth and/ Momentum Group, as applicable. Any increct incomplete material infmation that I have given may affect the validity of the agreement. In such a case, I acknowledge that I may be personally liable and accountable f any losses that Momentum Wealth, my financial adviser I may suffer. 2. I acknowledge that the investments that I invested under this contract are not the proceeds of any crime, as defined in the Prevention of Organised Crime Act, 21 of 1998, as amended from time to time, as well as any new legislation that may govern the proceeds of crime in future. I am aware that any infmation that I have given f the purpose of this application is subject to the stipulations of the Financial Intelligence Centre Act, 38 of 2001, and will be dealt with in accdance with requirements contained in the Act. 3. The application fm and the investment certificate fm the basis of the agreement between Momentum and me, as applicable. 4. This agreement will start once Momentum has received the fully completed application fm and any additional infmation and/ documents that it may need, and after it has accepted the application. 5. I will initial any alterations additions to the application fm and these will only become binding once Momentum has accepted them. 6. I acknowledge and understand that there is an inherent risk associated with the selected investments that underlie the contract. Neither Momentum, n its subsidiaries, agents and/ authised representatives will be liable f the consequences of any adverse market movements the instructions that they carried out did not carry out if such instructions are ambiguous unclear. 7. Momentum may terminate this agreement as long as it gives no less than 30 days written notice to the investment owner. In this event, Momentum will act in accdance with my final instructions about the termination of this agreement, subject to the applicable legislation. 8. Where Momentum, f whatever reason, cannot allocate the investment amount to the chosen investment components within two wking days, Momentum will add interest to the investment amount of my contract. It will add the interest amount to my iginal investment amount that it has to invest in the chosen investment components, excluding annuities and Capital Guarantees. Where I only chose an annuity and/ Capital Guarantee component, Momentum will allocate the interest amount to the MB Money Market Account. 9. Momentum does not guarantee the perfmance of any investment; however, certain underlying products may carry guarantees. I choose the investment based on my own investment strategy. 10. I acknowledge and understand that neither Momentum n their subsidiaries, agents and/ authised representatives will be responsible f any loss arising from changes in tax other legislation the interpretation of them, that may have an impact on the perfmance of the investment and that did not exist at the time that I made the investment. 11. I declare that I have the necessary legal capacity to enter into this insurance contract a party with the necessary contractual capacity has properly assisted me Momentum reserves the right to withdraw contract owners access to its offshe capacity: if, f any reason whatsoever and depending on the discretion of the chief actuary, it cannot continue to provide offshe capacity f all contributions that the contract owner has to pay. Momentum may then allocate the contributions to the MB Money Market Fund any other fund/s that Momentum may make available Momentum reserves the right to withdraw the contract owners access to investments of a particular external manager s funds, including also collective investment schemes if such fund manager collective investment scheme has notified Momentum that it will not accept further investments in one me funds under its management. Momentum may then allocate the contributions to the MB Money Market Fund any other fund/s that Momentum may make available. 13. I acknowledge that I am aware that I have the right to any infmation that the law requires a collective investment scheme listed company to disclose. I am also aware of Momentum s duty to obtain and transmit such infmation if I specifically request this. 14. I irrevocably authise Momentum to obtain any infmation from any person required in terms of this investment application. In this vein I undertake to furnish Momentum with certified copies of documents containing such infmation. 15. I irrevocably authise Momentum to make available any infmation at the disposal of Momentum to any third party in compliance with the statuty/regulaty requirements of this investment. 16. Momentum has created different classes of collective investment scheme units to suit the underlying product and licence. The class I have invested in will be based on the underlying product that I have chosen. 17. Momentum is not responsible liable f losses incurred due to delays, omissions any other errs on the side of the collective investment scheme management company. 18. All income distributions will be re-reinvested automatically. ingfencing 19. I understand ingfenced ingfencing to mean the suspension of repurchases of my participaty interests in a collective investment scheme under defined circumstances on any business day. 20. I irrevocably authise Momentum on receiving a notice from the collective investment scheme management companies (mancos) to suspend repurchases, to immediately withdraw the repurchase/switch instruction and to resubmit the repurchase/switch instruction on the following business day. 21. I indemnify Momentum against any damages loss of whatsoever nature that I may suffer as a result of Momentum acting accding to my instructions those of my financial adviser in the clause above. Turnaround times 22. Under nmal circumstances, Momentum processes valid instructions within two wking days after it has received them. However, under the following circumstances Momentum cannot execute my instruction within the two-day turnaround time: 22.1 When the investment is in offshe funds, Momentum Wealth will always carry out instructions at the earliest possible dealing opptunity, subject to the administration procedures and possible fund dealing limitation that accompany investing in offshe funds. I will consult my financial adviser the Momentum Wealth offshe call centre if I need me infmation on these procedures. F example, many of the offshe funds allow f dealing on a weekly basis only and, in some cases, quarterly. Momentum cannot guarantee turnaround times, as the notice and settlement periods of the various fund managers are not the same. Even where daily dealing funds are involved, the standard turnaround time f one leg of an offshe instruction is nine wking days. I also note that Momentum Wealth does not determine the conversion rates at the time of instruction, but only once it has received the dealing prices In the case of extradinary occurrences in the industry, which cause extensive market surge, such as the outflows experienced on 11 September 2001, I cannot hold Momentum Wealth responsible f a delay in completing my instruction Delays will also occur if an instruction is incomplete unclear. Funds invested 23. All investments will be subject to the rules and/ conditions that govern those investments, as the law the product provider determines from time to time. I understand investment to mean investments in collective schemes as defined in the Collective Schemes Control Act, 2002 insurance policies issued by long-term insurers pursuant to the Long-term insurance Act, 1998, and benefits that pension fund ganisations provide. 24. I acknowledge that certain instructions that I may give to Momentum about the underlying investments and products that I have chosen, will be subject to the timing standards, procedures and final prices and exchange rates that the mancos and/ other third parties use and confirm. Momentum will do all it can to make sure that it carries out such instructions within a reasonable period, but will not be responsible f any delays that the market conditions, the management companies any other third parties cause (as the case may be). save thru spend 25. I understand that this application to a participating Momentum company entitles me to participation in the save thru spend programme administered by Momentum Interactive (Pty) Ltd, a wholly owned subsidiary of Momentum Group Limited, which is a programme where participants become entitled to certain benefits f transactions that such participants enter into with selected save thru spend partners. A list of save thru spend partners is available from Momentum s website. 26. I understand that a set of rules issued by Momentum Interactive (Pty) Ltd governs my right to participate in save thru spend and its benefits on acceptance by Momentum of this application. Future updates of the rules and benefits, as well as the suppliers, are available from the Momentum website ( I may obtain these from the save thru spend client call centre on Momentum Interactive (Pty) Ltd reserves the right to amend the rules referred to in 26 above and may change the benefits of save thru spend unilaterally from time to time by providing pri written notice to participants. I understand that I may cancel my participation in this programme if I do not want to accept the amended rules benefits. 28. I consent to the recding of all conversations between Momentum Interactive (Pty) Ltd and/ its representatives and me, and agree that all infmation that Momentum Interactive (Pty) Ltd obtains through these conversations will fm part of its recds. I further consent to all these recdings remaining the sole property of Momentum Interactive (Pty) Ltd. 29. I consent to Momentum Interactive (Pty) Ltd disclosing to any third party any infmation that I any other entity supplied to Momentum Interactive (Pty) Ltd by virtue of my participation in save thru spend, provided that the party to which Momentum discloses such infmation agrees to keep it confidential at all times. 30. Momentum Interactive (Pty) Ltd reserves the right to cancel this agreement if it finds that the infmation that I have supplied is increct and/ false. 31. I acknowledge and understand that any tax liability that Momentum Group any of its subsidiaries incur in connection with my participation in save thru spend may reduce my save thru spend benefits. 32. This application fm was duly and fully completed befe I signed it and the infmation contained in it is true and crect. I will not cede any of my rights in terms of this agreement. 33. I acknowledge and understand that Momentum Group and/ Momentum Wealth and/ their subsidiaries, agents and authised representatives will not be responsible f any loss damage arising from any cause, including but not limited to changes in tax other legislation the interpretation of these, that I may sustain as a result of me receiving the save thru spend benefit. Furtherme, I indemnify Momentum Group Limited, Momentum Interactive (Pty) Ltd and/ any of their employees and hold them harmless against any claim of any nature arising directly indirectly from my and/ my dependants participation in save thru spend. 34. I understand that 34.1 My participation in save thru spend entails that in der to receive benefits, it is my responsibility to identify myself by showing my save thru spend card and/ registering my save thru spend number when transacting with a save thru spend partner, and that no benefits will result unless I do so; and 34.2 I have to keep detailed recds of any transactions that I conclude with any of the save thru spend partners and that if I do not infm Momentum Interactive (Pty) Ltd within 60 days of any discrepancies that may exist between my recds and those of Momentum Interactive (Pty) Ltd, I will ffeit any benefit to which I may become entitled in terms of these recds. 1

7 save thru spend (continued) 35. The right to participate in save thru spend and its benefits is a standard benefit that Momentum Group provides to all invests in certain Momentum products. other persons are eligible f participation. Although I receive the right to participate, I am not obliged to do so. My failure to do so will mean that no benefit will accrue to me on any product with a participating Momentum company. 36. Momentum Interactive (Pty) Ltd may decide at its sole discretion from time to time who may participate in the save thru spend programme. 37. I acknowledge that I will become entitled to the save thru spend benefit from a transaction only once the save thru spend partner with whom I have transacted accepts and settles its liability to Momentum Interactive (Pty) Ltd f the transaction in full. The participating Momentum company will then apply the benefit to the product concerned. 38. The contra proferentem rule (i.e. the rule that causes the wding to be construed against the party who drafted the wding in cases of doubt) will not apply in the interpretation of the terms and conditions. Multiply 39. I, the principal member, hereby apply f my dependants (where applicable) and me to become members of Multiply administered by Momentum Interactive (Pty) Ltd. If Momentum Interactive (Pty) Ltd accepts the application, the rules and regulations of the programme that bind me and to which I agree to adhere to will serve as evidence of the acceptance. A copy of the rules is available from the Momentum website ( I may obtain this from the Multiply client call centre at I consent to paying the monthly contributions in return f the benefits supplied by Multiply to my dependants (where applicable), and me. I understand that it is my sole responsibility to ensure that Momentum Interactive (Pty) Ltd receives my monthly contributions. 41. I acknowledge that Momentum Interactive (Pty) Ltd reserves and will have the right to cancel the membership applied f in this document if any of my dependants (that are members of the programme by virtue of this application) I breach any of the terms and conditions of this agreement, inclusive of Momentum Interactive (Pty) Ltd rules and regulations pertaining to the Multiply programme that are in fce from time to time. 42. Momentum Interactive (Pty) Ltd reserves the right to amend the rules referred to in 39 above and the Multiply benefits unilaterally from time to time by providing pri written notice to participants. I understand that I may cancel my participation from this programme if I do not want to accept the amended rules benefits. Lifecycle Philosophy 43. I acknowledge that Momentum has based this philosophy on four ptfolios with different risk profiles. Momentum will automatically switch my investment from ptfolio to ptfolio, depending on the remaining initial savings term unless Momentum receives a written instruction from me where I clearly indicate my specific investment choice. 44. Momentum reserves the right to alter the term that activates the switch from one ptfolio to another. The effective date of a switch may also depend on my age. 45. As I near the end of my specified initial savings term, I authise Momentum to implement a conservative investment approach. Financial adviser 46. The financial adviser is responsible f making sure that I receive and understand all appropriate advice, product and fee infmation that the financial adviser has to give to me, including any changes in the wking practices and procedures of Momentum. Fees 47. Momentum will pay the financial adviser s fees that this application fm sets out. Momentum will deduct these fees from my investment. I acknowledge that these fees are based on the agreement between the financial adviser and me. 48. The investment certificate will specify all fees that momentum charges under these contracts. Momentum will send the investment certificate to me after it has accepted the application. It is the responsibility of the financial adviser to make sure that I am fully infmed of all fees and costs under this agreement. 49. Momentum reserves the right to review its fees that apply to the contract after giving appropriate and reasonable notice of these changes. This includes, but is not limited to, the fees based on the total funds and number of contracts in my Investo Ptfolio. 50. I instruct Momentum to withdraw a trail fee, as specified in the advice fee section, from the value of investment each month and to pay this to the intermediary f as long as this instruction remains in fce and the intermediary has a contract with Momentum. 51. I agree and confirm that Momentum must effect payment of all fees by disinvesting units from each of the Collective Investment Schemes I am invested in proptionately. Designer Annuity 52. Momentum will register and hold all investments in the name of Momentum Wealth f my exclusive benefit. 53. Once the Investo Designer Annuity has started, I may not cancel it (subject to cool-off). I may, however, end my contract with Momentum, provided that I transfer my investment to another registered insurer under section 37(2) of the Long-term Insurance Act. The amount that I transfer will be the investment value of the contract on the date that Momentum realised (sold) the units, less any other fees that may apply. If Momentum receives my instruction to transfer this contract within 30 days, Momentum will refund all the initial fees that it charged on the investment. Long-term Insurance policies 54. I acknowledge and understand that I cannot hold Momentum and/ any of its subsidiaries, agents, and/ authised representatives responsible f any damage losses that I suffer if I sign this application befe completing it in full. I acknowledge and understand that it is an offence to sign a blank uncompleted application fm, as stated in the Policyholder Protection ules that have been published under the Long- term Insurance Act of I acknowledge that any funds of a collective investment scheme that I have chosen as underlying contract assets do not constitute assets that I own, but rather that Momentum owns the assets and that the investment owner participates in those through the medium of the contract. Accdingly, the prices of units of such collective investment scheme funds published in newspapers cannot be directly crelated to the unit prices of the contract. etirement Annuity/Pension Preservation/Provident Preservation 56. I apply f membership of the Momentum Pension Preservation Fund the Momentum Provident Preservation Fund the Momentum etirement Annuity Fund (the fund), whichever applies to me, and agree that the provisions contained in the rules of that fund will bind me. The Momentum Group, a registered long-term insurer, underwrites and administers the fund. 57. This application, the fund rules, the contract issued to the fund in relation to this investment and other business documents govern the legal relationship between me as member of the fund, the fund and Momentum. 58. Momentum may amend the terms of the contract from time to time after giving appropriate and reasonable notice of any changes. 59. If I invest in either the Momentum Pension Preservation Fund the Momentum Provident Preservation Fund, I may not take me than one full partial withdrawal befe retirement. Conditions that the transferring fund and/ fund rules impose may restrict the amount that is available to me befe retirement. All remaining benefits will be payable in the event of death retirement. 60. A preservation fund retirement annuity contract may not be cancelled. However, I may transfer my fund benefits to another approved fund, provided that the transfer complies with the applicable regulations that deal with transfers between approved funds. The amount that I transfer will be the prevailing investment value of the underlying assets less any other fees charges that may be applicable. 2