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In an effort to help you get the most out of your retirement savings, Sanlam will convert your universal life plan to our flagship retirement annuity, the Sanlam Cumulus Echo Retirement Plan.
Over time the features and benefits of retirement annuity products have evolved, giving members more choice and flexibility as they save for retirement. Since 2013, the Cumulus Echo Retirement Plan has been a market-leading product and over time has also evolved as we continuously look for ways to improve our clients’ savings journeys. Converting your current retirement annuity to the Cumulus Echo Retirement Plan allows you to benefit from its options and features.
After the conversion, you’ll be able to enjoy more of our unique and exclusive options and features.
Your current universal life plan has a fixed maturity date. The maturity date of your current plan will become the planned retirement date of your Cumulus Echo Retirement Plan after which the plan will be open-ended. This means that your new plan will automatically continue should you choose not to retire on the planned retirement date. You can choose whether or not to continue contributions beyond this date.
Your plan number as well as the plan provisions will change to reflect the benefits of the Cumulus Echo Retirement Plan. See the latest plan description for the Cumulus Echo Retirement Plan.
The policy charges to be levied on your new plan will differ from those levied on your current plan. Details on the calculation and deduction of each charge will be provided in the contract documents which we will send to you once the conversion has been completed.
In certain instances the investment funds in your current plan will not be available in your new plan. In these cases you will be switched to funds whose long-term investment objectives and risk characteristics are similar to your current funds. Once your plan has been converted you can choose to switch to any of the funds available through the Sanlam Cumulus Echo Retirement Plan.
The payment amount, annual payment growth, method and frequency will remain the same.
On the conversion date, the fund value of your new plan will be the same as that of the value in the investment account of your current plan.
The ongoing charges as well as the early retirement and premium reduction charges applicable at different dates in the future will be different. However, Sanlam has determined your Wealth Bonus to align your policy benefits (future early retirement values or normal retirement values) of your new plan with those of your current plan. Sanlam determines your Wealth Bonus on your new plan according to a basis approved by Sanlam’s Head of Actuarial Function. The new charges and Wealth Bonus at different points in time will be indicated in the contract documents.
The conversion is expected to take a few months to complete – you’ll be notified once it’s been confirmed.
We will shortly commence a process to convert your plan as well as those of other members. The process to convert these plans is expected to take a few months to complete and you will be notified of the conversion date of this plan once it’s been confirmed.
Once the conversion is complete, you will receive confirmation of the conversion as well as contract documents setting out the details and provisions of the new plan.