22seven: Answers to your investment migration questions

By now you should have heard that Old Mutual investments opened through 22seven will be migrated from 22seven to the Old Mutual Secure Services platform in August 2021. When this happens, we're going to turn investments off entirely in 22seven and hand the reins over to our partner, Old Mutual. You’ll still have the same Old Mutual Unit Trust Fund that was opened through 22seven, only now, you’ll manage this investment on Old Mutual’s platform instead of through 22seven.

If you have an investment through 22seven with a balance on it, please keep reading for more information on your options. We've also included a Q&A section with detailed information about what will happen if you choose to keep your investment open and migrate it to the Old Mutual Secure Services platform.

Your options

  • If you’re happy with becoming a direct client of Old Mutual Unit Trusts you don’t have to do anything. Your investment will automatically be migrated over to the Old Mutual Secure Services platform in August 2021.

    When this happens, you’ll still be able to see your investment history in 22seven, but you will need to use the Old Mutual Unit Trusts platform to manage your investment. We’ll be in touch closer to the time with more detailed info about this. Once your investment is migrated to Old Mutual Unit Trusts, you’ll be able to link it to 22seven to see your balance and transactions, as you would with any other bank or investment provider.
     
  • If you have a tax free investment and don’t want it to be migrated to Old Mutual Unit Trusts’ platform, we’re able to move your money from 22seven directly to another tax free savings provider if you let us know by 30 July 2021. Here’s how.
     
  • Alternatively, you may withdraw your investment balance into your personal bank account by 5 August 2021, then deactivate the investment in 22seven. Find out more.

 

Questions and Answers

When will the migration happen?

The migration is planned to take place over the weekend of 6 August 2021.

What are the benefits?

Managing your investments efficiently, helping you to achieve your financial goals and providing an excellent service experience are key aspects that influence the way Old Mutual designed its offering.

The online self-service platform provides:

  • Immediate website registration approval, allowing instant access to secure reporting and online transaction functionality if you haven’t registered on . If you register before the migration, you’ll see the Wealth client link. This link will be renamed to Wealth and Unit Trusts client after the migration, which is where the investments you opened through 22seven will be visible.
  • Comprehensive investment reporting and transaction capability within a secure online environment that’s available 24 hours a day.
  • An enhanced online transaction approval process that allows you to accept transactions submitted by your financial planner (where applicable).
  • The ability to track all transactions submitted by yourself or your planner, online.

This is a change in administration system only and has no impact on your investment contracts and the underlying funds.

Will the product account group number and fund account number remain the same?

Your main client number will remain the same. However, following the migration, the Product Account Group Number will be referred to as the Investment Contract Number, which will be a new number. You will be informed of your new contract number and given a link to the secure client website in your September 2021 Quarterly statement. Within each investment contract, one or more funds can exist. The current Unit Trusts numbers will be taken across for servicing purposes. As investment contracts can only hold each unit trust fund class once, where you may have multiple instances of the same unit trust funds in the same contract (i.e. for the same product), these duplicate unit trusts (i.e. Fund Accounts) will be allocated to separate investment contracts (each holding the respective unit trust fund). 

Will your existing funds and fund classes be migrated?

Yes. All of your existing funds will be migrated to the new system in their existing fund classes. All funds that are currently available on Old Mutual Unit Trusts for the products being migrated will be available to you after the migration.

Existing monthly contributions will remain in place. However, the fund minimums available through 22seven for new contributions will no longer apply (currently R250 for both once-off debit orders/top ups and monthly debit orders).

After the migration, fund minimums will be replaced by investment contract minimums. This means the Old Mutual minimums of R500 per month or R10 000 lump sum investment will apply at a contract level (i.e. no longer applying per fund). This creates an opportunity for clients to invest smaller amounts across many funds within their investment contract/s.

What are the cut-off dates for submitting transactions before the migration?

The cut-off dates shown below will ensure that all transactions are completed and that investments are ready for migration on 6 August 2021.

31 JULY 2021 – Tax-free transfer requests, new recurring debit order instructions and changes to existing debit order instructions.

5 AUGUST 2021 - Once-off debit orders/top ups and withdrawals.

What transactional tools will be available to you after the migration?

Old Mutual will provide online transactional tools to:

  • Update your personal information.
  • Submit new investments.
  • Manage your existing investments (e.g. additional investments, switches, disinvestments, or contract changes)

These tools will be available immediately after the migration, i.e. from 10th August 2021.

When transacting on the client secure site after the migration, Old Mutual Unit Trusts will ensure all your personal details and currently required regulatory disclosures are up to date and, where needed, you’ll be prompted to complete these at the time of transacting.

Can you have multiple tax free investments after the migration?

No. To ensure that you remain within the contribution limits of the Tax Free Investment, the new administration system won’t allow you to transact online if you have more than one Tax Free Investment within Old Mutual. If you currently do have more than one Tax Free Investment in Old Mutual, following the migration, you will need to contact the Old Mutual Unit Trusts Service Centre to consolidate these investments for you. This will need to be done before you can continue to transact on the investment.

If you’re invested in multiple Tax Free funds through 22seven, these will be combined into a single Tax Free Investment contract during the migration process and your debit orders will be consolidated into a single debit order. 22seven has already reached out to affected customers via email with more information about this process.

How do you gain access to the Old Mutual Unit Trusts secure client website after the migration?

Already registered? You’ll be able to automatically access the Old Mutual Wealth and Unit Trusts secure client website using the same login details as Old Mutual Secure Services if you’re already registered.

Not registered yet? We encourage you to register on Old Mutual Secure Services so you’re ready to access the self-service and transacting functionality that will be available to you after the migration. You’ll also be able to access your investment information via MyOldMutual on the secure site and via the Old Mutual or Old Mutual Wealth apps.

NOTE: If you’re registered on Secure Services, you automatically gain access to the Old Mutual Wealth Client role, which you will see in your list of roles. Following the migration, this role will be renamed “Wealth and Unit Trusts client” role. Simply select this role to access the Old Mutual Wealth and Unit Trusts secure client website.

Where do you log into the Old Mutual Unit Trusts Secure Sites?

You can log in via the Login link at the top of Old Mutual Unit Trusts' homepage - https://www.oldmutualinvest.com/individual

Impact on your correspondence

After the migration, you’ll receive quarterly statements according to your communication preference from Old Mutual Unit Trusts. In the event that you have both Old Mutual Wealth and Unit Trust investments, you’ll receive one quarterly statement for all of your investments. 

How do you access historical statements?

You’ll still be able to view your historical statements for the period ending August 2021 and before on the 22seven website. Simply log in and go to Accounts, select your investment account card and scroll down to "View statements."

As a result of the migration, clients will receive two tax certificates for the 2021/2022 tax year: one for each of the following periods: • 1 March 2021 – 6 August 2021 • 7 August – 28 February 2022.

The tax certificate for the period of 1 March 2021 – 6 August 2021 (and all periods before) will be accessible via the 22seven website. Log in and go to Accounts, select your investment account card and scroll down to "View tax certificates" to access it.

The tax certificate for the period 7 August – 28 February 2022 will be sent you by Old Mutual.

Need help?

22seven's support team, the Svens, are available to answer any questions you have leading up to the migration. After migration, they’re also on standby to help with questions about anything that happened on your investment(s) before 6 August 2021.

For assistance with servicing your investment after 6 August 2021, the Old Mutual Unit Trusts Service Centre will be equipped for any queries.  You can call them on 0860 234 234 or email unittrusts@oldmutual.com.

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