Savings Terms and Conditions

Declarations and disclosures

Your declarations

My plan 

  1. I have received my user guide and contract and it is part of my agreement with Metropolitan GetUp. I accept and understand
    the solution I have chosen.
  2. I’m responsible to check that the information I’ve given is materially correct and complete, even if a financial adviser
    completes this form on my behalf.
  3. This is my application for insurance from Metropolitan GetUp. Metropolitan GetUp may decline it.
  4. I understand the charges, fees and other factors that have an effect on the return and growth rate of my plan.
  5. I understand the important terms of the plan including the benefits, charges, waiting periods, exclusions, restrictions,
    underlying investments and early termination charges.
  6. Metropolitan GetUp will send me a copy of the record of advice. If I don’t receive it, I can request a copy free of charge at
    any time. Metropolitan GetUp will let me have a copy of any
    record of any transaction, including telephone calls if I ask for
    them.

Commission 

No commission is paid.


Tax

I understand that South African tax on interest may apply to my investment in the Momentum Money Market Fund.

The Financial Intelligence Centre Amendment Act

  1. In terms of the Act, I may be required to give Metropolitan GetUp certain documents. If I don’t give them these documents it may not be possible to continue with my application for insurance. Any loss caused by the delay is my loss.
  2. Tax residence: Under penalty of perjury I declare that to thebest of my knowledge and belief my tax residencies disclosed are true, correct and complete. I’m not resident for tax purposes in any country other than those disclosed in this application form. I undertake to notify Metropolitan GetUp within 30 days if this declaration becomes incorrect. If:
  • the policy is ceded to a person; or
  • a beneficiary is nominated
  • who’s resident in a tax jurisdiction other than South Africa, they may be requested to supply further information and documentation before any amount is paid to them. Such information may be shared with the tax authorities in other jurisdictions. Metropolitan GetUp is obliged to ask for this information.


Your personal information

I am aware that Metropolitan GetUp will process my personal information for the purpose of providing me with insurance. I can request and correct my personal information at any time. For more information on Metropolitan GetUp’s Privacy Policy I can refer to www.metgetup.co.za

Our disclosures

The tax-free savings plan 

  1. All  payments to any tax-free saving solution, if it is with Metropolitan GetUp or another company, count toward your total yearly and lifetime tax-free payment limits. It’s your
    responsibility to make sure that you don’t go over these payment limits. If you save more than these limits, you’ll pay a tax penalty of 40% on the amount over the limit amount.
  2. You can name a beneficiary who will get the money in your tax-free savings solution if you pass away. We’ll pay out the money to this person because tax-free saving solutions can’t be transferred to another person. If you don’t name a beneficiary, we’ll pay the money to your estate.
  3. You can withdraw money at any time. A withdrawal doesn’t change your yearly or lifetime tax-free payment limit.
  4. Metropolitan GetUp is a division of Momentum Metropolitan Life Limited. Momentum Metropolitan Life Limited underwrites this tax-free solution.

Collective Investment Scheme (CIS – also known as a unit trust)

  1. The Momentum Money Market Fund is a collective investment scheme (unit trust). It is not a bank account.
  2. The total growth you get is made up of interest and any increase or loss made by financial items (instruments) that a unit trust might use to make a profit. While losing money is unlikely,
    it can happen for example, if an issuer’s instrument fails to grow the way they planned. In this event you may lose some of your money.
  3. Too many withdrawals from the unit trust may lower the availability of cash; if this happens we may limit withdrawals and manage them over a period of time of up to 20 days.
  4. The Collective Investment Scheme management company doesn’t provide any guarantee of your investment or any growth of your investment.
  5. We buy and sell units on your behalf at the prices that apply at that specific time, and can make use of borrowing and lending.
  6. Past performance is not necessarily a guide to how the units may grow in future.

General 

  1. If we don’t have all the necessary documents to complete your application, we won’t be responsible if we can’t invest your money when you expect us to.
  2. Metropolitan GetUp has a conflict of interest management policy, which you can find on our website.

Client agreements

Marketing consent

As part of your plan, Metropolitan GetUp will send you on-going information about how to improve your plan and your financial wellness.

I am aware that Metropolitan GetUp will process my personal information for the purposes of providing me with insurance. I can request and update my personal information held by Metropolitan GetUp at any time by contacting them via info@metgetup.co.za.

Metropolitan GetUp is part of Momentum Metropolitan Life Limited, a subsidiary of Momentum Metropolitan Holdings Limited. We may share your personal information with other companies in Momentum Metropolitan Holdings Limited. I can request that my personal information is not shared by Metropolitan GetUp at any time by contacting them via info@metgetup.co.za.

By completing this application I give Metropolitan GetUp consent to send ongoing information about how to manage and improve my plan and about new solutions. I can withdraw this consent at any stage by contacting them via info@metgetup.co.za.

 

Financial analysis 

I confirm that I haven’t provided information for a financial needs analysis. I understand that:

  • No analysis of my financial situation has been carried out.
  • I have not received financial advice from Metropolitan GetUp or it agents.
  • I have carefully considered whether the product is suitable for my needs, goals and circumstances.
  • I understand the known risks.
  • We do not advise you on whether you should or should not replace an existing financial product you may currently own with this product. We recommend that you consider your financial needs and goals and ensure that the financial products that you own are suitable to meet your needs and goals.