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
Contract transfer process
In case of transferring products from Standard Chartered First Bank to other financial institutions
PreparationWhen Customers visit other financial institutions and open a new personal pension fund account or pension trust account. (New account "0 " KRW of balance)
Application PreparationCustomer visit Standard Chartered First (or Bank other financial institutions) and write down contract application form
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)
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