How it works
For example, a member has three contracts:
- checkContract 1 - R400 000
- checkContract 2 - R300 000
- checkContract 3 - R200 000
The member will be entitled to transfer contract 1 to another retirement annuity fund because the value of that contract is more than R371 250, and the total value of the remaining two contracts is also more than R371 250.
The member would not be entitled to transfer only contract 2, only contract 3 or both contracts 2 and 3 to another retirement annuity fund because the value of each transferred contract (individually) is less than R371 250.
You may not transfer a part of an individual contract to another retirement annuity fund - if, for instance, you have two contracts:
- checkContract 1 - R1 200 000
- checkContract 2 - R800 000
You cannot transfer only R600 000 of contract 1 to another retirement annuity fund; you will have to transfer the entire R1 200 000 of contract 1 or the entire R800 000 in contract 2 to another retirement annuity fund.
