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Personal Pension Contract Transfer

What is personal pension contract transfer system?

This is the system for customers of personal pension trust and other products to transfer their contract to other financial institutions. If customer terminates the contract for transfer, it is not regarded as termination under the tax law. Rather, its contract is deemed to remain effective, thereby imposing tax benefits on a continual basis.

Trust products whose contracts are to be transferred

This picture explains personal pension contract transfer. Personal Pension Trust and New Personal Pension Trust → New Personal Pension Trust. Pension Trust → Pension Trust.

  • Personal pension trust (book value evaluation) contract can be only transferred to new personal pension trust(market value evaluation).
  • Personal pension trust (book value evaluation), new personal pension trust (market value evaluation) and pension trust(market value evaluation) have different tax systems applied respectively. Therefore, regardless of evaluation methods, contract transfer is impossible.

Contract transfer process

In case of transferring products from Standard Chartered First Bank to other financial institutions

  • 0 1
    PreparationWhen Customers visit other financial institutions and open a new personal pension fund account or pension trust account. (New account "0 " KRW of balance)

  • 0 2
    Application PreparationCustomer visit Standard Chartered First (or Bank other financial institutions) and write down contract application form
  • 0 3
    Handle transaction Between financial institutions1) Standard Chartered First Bank inform other financial institutions of contract transfer (D days)
    2) Transfer application and rejection notice (D days)
    3) Inform other financial institutions of the remittance and its amount (D days1)
  • 0 4
    Confirmation After marking transaction records in the bankbook, customers confirm the contract transfer amount
  • Banks and asset management companies: Products based on book value, out of market value evaluation funds, bond (D+2 working days) and stock funds (D+3 working days)
  • Insurance companies: less than D+2 working days
  • When applying account transfer to other financial institutions where opened bankbook, it might take one or two additional business day

For additional information, contact SCBK branch or customer center (1588-1599).

Cleared by SCBK Compliance Officer W327-20170801현재

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