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Old Mutual's Max Investments platform

Flexible Investment Plan

Has "complete payment flexibility", allowing for lump sums & scheduled contributions. The investment minimum is R10,000 for a lump sum and R500 for a regular monthly payment. There is no contractual investment term.

(Nothing is mentioned about whether 100% of premiums are allocated, as with the commentary in the Focussed Investment Plan)

Focussed Investment Plan

Offers the option of 100% of premiums being allocated towards the investment from day 1 (may not apply for certain external Unit Trust Funds or if payment is by stop order). The Investment Minimum is R250/month.

Range of tax wrappers

Life Pure Investment Wrapper - income & capital gains are taxed in the hands of the Life Company (presumably OMLACSA?) - which means the proceeds aren't taxed again when they are received by the policyholder. (Ed: For low income earners it's probably better from a tax perspective not to use this wrapper. This feature would be more attractive for those with a high marginal rate of taxation - this tax arbitrage is under review by the Receiver, as mentioned in Budget 2012)

LISP Wrapper - "ensures that all your interest, as well as rental income, and foreign dividends earned on your investment are taxed at the lowest possible tax rate applicable" - (Ed: I don't understand this). "When you sell your investment, your capital gain is taxed at your individually appropriate tax rate...You can use your yearly interest & capital gains exemptions to reduce the amount of tax that you need to pay."

Life Retirement Annuity Wrapper - Premiums are tax deductible up to a certain limit.

Max Investments Fees

2 types of fees & charges:

Premium Plan charge
Asset Plan charge (The calculation of the charge depends on
- the size of the fund value
- the investment fund(s) selected (internal means lower)
- the size of the ongoing commission / advice fees
Asset Management Fees (included in the unit price of the investment fund, it is deduced by the asset management company for managing your investment).

Decreasing costs

"The longer you stay invested in a Focussed Investment Plan, the lower your plan charges will become over time. In addition, if you choose to invest in funds managed by the Old Mutual Investment Group (SA), you will also benefit from lower plan charges." (how does this work?)

"The more you invest, the lower your plan charges will become as the value of your investment grows".

Flexibility to change premium payments

"You can skip up as much as one whole year's worth of premiums over the premium payment term on a Focussed Investment Plan if you cannot afford to continue paying for a while" (at what cost?)

Add/remove protection

"You can add Premiun Protection Benefits to a Focussed Investment Plan to ensure that future premiums are paid & your investment goals, such as funding your children's education, are met even in the event of your death and/or disability. These benefits can be added or removed from your investment at any time as your individual circumstances change."

Zero-interest loans

"From time to time, Max Investments allows you the flexibility to take zero-interest loans to meet your financial requirements. And to ensure your investment goals are met, you are able to repay these loans when your lifestyle allows for it."

Personal Finance's view

30 Oct 2010. "Personal Finance investigated the claim and found that the Max product was one of the most costly products on the market, but that the Elraf was the cheapest... Old Mutual's agents, more often than not, denied the very existence of the Elraf, choosing instead to sell the Max product, which paid commissions upfront."

(On Elraf) "You can increase or decrease your contributions at will without any of the confiscatory penalties that apply to the Max RA if you reduce or stop paying your contributions...The only advantages the Max life assurance product has over the unit trust RA are: you can also obtain capital guarantees at a fee; you may select underlying investments from other asset management companies; and the minimum investment is lower - at R250 a month."

9 Oct 2010. " A few years back, Personal Finance exposed Old Mutual for claiming that its Max-branded savings products were "cheaper", whereas they were about the most expensive in the market. "

Choice of over 200 funds

Set up on 29 Feb 2012 (may have changed). How do fees compare with those on other platforms? Some funds are closed.

This is such a long list of options, that it's virtually impossible for the man in the street to be familiar with them all.

Core Funds

"Market Growth Funds"	LISP	LIFE Pure	LIFE RA
Old Mutual Flexible Fund Domestic--Asset Allocation--Flexible
Old Mutual Investors Fund Domestic--Equity--General
Old Mutual Top Companies Fund Domestic--Equity--General
Optimised Aggressive Fund Insurance--Flexible--Pooled
Optimised Growth Fund Insurance--Equity--Pooled
Symmetry Equity Fund (LIFE) Insurance--Equity--Multi-Manager
Defence Funds	LISP Wrapper	LIFE Pure Wrapper	LIFE RA Wrapper
Marriott High Income Fund of Funds Domestic--Asset Allocation--Flexible
Old Mutual Balanced Fund Domestic--Asset Allocation--Prudential Variable Equity
Old Mutual Dynamic Floor Fund Domestic--Asset Allocation--Prudential Variable Equity
Old Mutual Enhanced Income Fund Domestic--Fixed Interest--Varied Specialist
Old Mutual Enhanced Income Fund (LIFE) Insurance--Balanced--Pooled
Old Mutual Money Market Fund Domestic--Fixed Interest--Money Market
Old Mutual Money Market Fund (LIFE) Insurance--Money Market--Pooled
Old Mutual Stable Growth Fund Domestic--Asset Allocation--Prudential Low Equity
Optimised Balanced Fund Insurance--Balanced--Pooled
Optimised Defensive Fund Insurance--Balanced--Pooled
Symmetry Balanced Fund (LIFE) Insurance--Balanced--Multi-Manager
SYmmETRY Balanced Fund of Funds Domestic--Asset Allocation--Prudential Variable Equity
Symmetry Defensive Fund (LIFE) Insurance--Balanced--Multi-Manager
SYmmETRY Defensive Fund of Funds Domestic--Asset Allocation--Prudential Variable Equity
Wealth Defender Fund Insurance--Balanced--Pooled
Guarantee Fund Category	LISP Wrapper	LIFE Pure Wrapper	LIFE RA Wrapper
Absolute Smooth Growth Portfolio Insurance--Balanced--Smoothed
Secured Money Market Fund Insurance--Fixed Interest--Secured
Smoothed Performance Fund Insurance--Balanced--Smoothed

Extended Fund Range: Internal Funds


Market Growth Fund Category	LISP Wrapper	LIFE Pure Wrapper	LIFE RA Wrapper
Analytics Cautious Fund of Funds Domestic--Asset Allocation--Prudential Low Equity
Asia Pacific Fund Insurance--Foreign--Equity--Pooled
Continental Europe Fund Insurance--Foreign--Equity--Pooled
Japan Fund Insurance--Foreign--Equity--Pooled
Marriott International Growth Feeder Fund Foreign--Asset Allocation--Flexible
Multi-Manager World Balanced Fund Insurance--Foreign--Balanced--Multi-Manager
Multi-Manager World High Growth Fund Insurance--Foreign--Equity--Multi-Manager
Old Mutual Albaraka Balanced Fund Domestic--Asset Allocation--Prudential Variable Equity
Old Mutual Albaraka Equity Fund Domestic--Equity--General
Old Mutual Bond Fund Domestic--Fixed Interest--Bond
Old Mutual Bond Fund (LIFE) Insurance--Fixed Interest--Pooled
Old Mutual Edge 28 Life Fund Insurance--Flexible--Pooled
Old Mutual Financial Services Fund Domestic--Equity--Financial
Old Mutual Financial Services Fund (LIFE) Insurance--Equity--Pooled
Old Mutual Global Bond Feeder Fund Foreign--Fixed Interest--Bond
Old Mutual Global Emerging Markets Fund Foreign--Equity--Varied Specialist
Old Mutual Global Equity Fund Foreign--Equity--General
Old Mutual Gold Fund Domestic--Equity--Resources & Basic Industries
Old Mutual Growth Fund Domestic--Equity--General
Old Mutual High Yield Opportunity Fund Domestic--Equity--General
Old Mutual Income Fund Domestic--Fixed Interest--Income
Old Mutual Industrial Fund Domestic--Equity--Industrial
Old Mutual Industrial Fund (LIFE) Insurance--Equity--Pooled
Old Mutual International Growth Fund of Funds Foreign--Asset Allocation--Flexible
Old Mutual Mining and Resources Fund Domestic--Equity--Resources & Basic Industries
Old Mutual Mining and Resources Fund (LIFE) Insurance--Equity--Pooled
Old Mutual RAFI 40 Tracker Fund Domestic--Equity--General
Old Mutual SA Quoted Property Fund Domestic--Real Estate--General
Old Mutual SA Quoted Property Fund (LIFE) Insurance--Equity--Pooled
Old Mutual Small Companies Fund Domestic--Equity--Smaller Companies
Old Mutual Small Companies Fund (LIFE) Insurance--Equity--Pooled
Old Mutual Top 40 Fund Domestic--Equity--Large Cap
Old Mutual Value Fund Domestic--Equity--Value
Optimised High Growth Fund Insurance--Equity--Pooled
Optimised World Active Fund Insurance--Foreign--Equity--Pooled
Optimised World Balanced Fund Insurance--Foreign--Balanced--Pooled
Optimised World High Growth Fund Insurance--Foreign--Equity--Pooled
SYmmETRY Equity Fund of Funds Domestic--Equity--General
Symmetry Islamic Fund (LIFE) Insurance--Equity--Multi-Manager
UK Fund Insurance--Foreign--Equity--Pooled
USA Fund Insurance--Foreign--Equity--Pooled
World Balanced Fund Insurance--Foreign--Balanced--Multi-Manager
World Bonds Fund Insurance--Foreign--Fixed Interest--Pooled
World Equity Fund Insurance--Foreign--Equity--Pooled
World Growth Fund Insurance--Foreign--Equity--Multi-Manager
Defence Fund Category	LISP Wrapper	LIFE Pure Wrapper	LIFE RA Wrapper

Euro Money Market Fund Insurance--Foreign--Money Market--Pooled
Multi-Manager World Defensive Fund Insurance--Foreign--Balanced--Multi-Manager
Old Mutual Capital Builder Fund Domestic--Asset Allocation--Prudential Variable Equity
Old Mutual Real Income Fund Domestic--Asset Allocation--Prudential Low Equity
Old Mutual UK Money Market Feeder Fund Foreign--Fixed Interest--Varied Specialist
Optimised World Defensive Fund Insurance--Foreign--Balanced--Pooled
Sterling Money Market Fund Insurance--Foreign--Money Market--Pooled
SYmmETRY Cautious Fund of Funds Domestic--Asset Allocation--Prudential Low Equity
SYmmETRY Fixed Interest Fund of Funds Domestic--Fixed Interest--Varied Specialist
SYmmETRY Money Market Fund Domestic--Fixed Interest--Money Market
US Dollar Money Market Fund Insurance--Foreign--Money Market--Pooled
Guarantee Fund Category	LISP Wrapper	LIFE Pure Wrapper	LIFE RA Wrapper
Growth Preserver Fund Insurance--Balanced--Smoothed

Extended Fund Range: External Funds

	LISP Wrapper	LIFE Pure Wrapper	LIFE RA Wrapper
Absa Balanced Fund Domestic--Asset Allocation--Prudential Medium Equity
Absa Dividend Income Fund Domestic--Fixed Interest--Varied Specialist
Absa Flexible Fund Domestic--Asset Allocation--Flexible
Absa General Fund Domestic--Equity--General
Absa Growth Fund of Funds Domestic--Equity--General
Absa International Fund Foreign--Equity--General
Absa Select Equity Fund Domestic--Equity--General
Allan Gray Balanced Fund Domestic--Asset Allocation--Prudential Variable Equity
Allan Gray Equity Fund Domestic--Equity--General
Allan Gray Optimal Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
Allan Gray Stable Fund Domestic--Asset Allocation--Prudential Low Equity
Allan Gray-Orbis Global Fund of Funds Foreign--Asset Allocation--Flexible
Amity Conserver Fund of Funds Domestic--Asset Allocation--Prudential Low Equity
Amity Flexible Growth Fund of Funds Domestic--Asset Allocation--Flexible
Amity Prudent Fund of Funds Domestic--Asset Allocation--Prudential Medium Equity
APS Managed Growth Fund of Funds Domestic--Asset Allocation--Prudential High Equity
APS Moderate Fund of Funds Domestic--Asset Allocation--Prudential Medium Equity
AS Forum Aggressive Fund of Funds Domestic--Asset Allocation--Prudential High Equity
AS Forum Cautious Fund of Funds Domestic--Asset Allocation--Prudential Low Equity
AS Forum Moderate Fund of Funds Domestic--Asset Allocation--Prudential Medium Equity
Baroque Moderato Fund of Funds Domestic--Asset Allocation--Prudential Medium Equity
Cadiz Absolute Yield Fund Domestic--Fixed Interest--Varied Specialist
Cadiz Managed Flexible Fund Domestic--Asset Allocation--Prudential Variable Equity
Cadiz Mastermind Fund Domestic--Equity--Value
Coronation Absolute Fund Domestic--Asset Allocation--Flexible
Coronation Balanced Defensive Fund Domestic--Asset Allocation--Prudential Low Equity
Coronation Balanced Plus Fund Domestic--Asset Allocation--Prudential Variable Equity
Coronation Bond Fund Domestic--Fixed Interest--Bond
Coronation Capital Plus Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
Coronation Equity Fund Domestic--Equity--General
Coronation Financial Fund Domestic--Equity--Financial
Coronation Industrial Fund Domestic--Equity--Industrial
Coronation Market Plus Fund Domestic--Asset Allocation--Flexible
Coronation Optimum Growth Fund Worldwide--Asset Allocation--Flexible
Coronation Property Equity Fund Domestic--Real Estate--General
Coronation Resources Fund Domestic--Equity--Resources & Basic Industries
Coronation SA Capital Plus Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
Coronation Strategic Income Fund Domestic--Fixed Interest--Varied Specialist
Coronation Top 20 Fund Domestic--Equity--Large Cap
Efficient Flexible Fund of Funds Domestic--Asset Allocation--Flexible
Efficient Prudential Fund Domestic--Asset Allocation--Prudential Variable Equity
Foord Balanced Fund Domestic--Asset Allocation--Prudential Variable Equity
Foord Equity Fund Domestic--Equity--General
GCI Balanced Fund of Funds Domestic--Asset Allocation--Prudential Variable Equity
Investec Absolute Balanced Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
Investec Absolute Income Fund Domestic--Fixed Interest--Varied Specialist
Investec Commodity Fund Domestic--Equity--Resources & Basic Industries
Investec Emerging Companies Fund Domestic--Equity--Smaller Companies
Investec Equity Fund Domestic--Equity--General
Investec Gilt Fund Domestic--Fixed Interest--Bond
Investec Global Opportunity Income Fund of Funds Foreign--Fixed Interest--Varied Specialist
Investec High Income Fund Domestic--Fixed Interest--Income
Investec Managed Fund Domestic--Asset Allocation--Prudential Variable Equity
Investec Opportunity Fund Domestic--Asset Allocation--Flexible
Investec Opportunity Income Fund Domestic--Fixed Interest--Varied Specialist
Investec Stefi Plus Fund Domestic--Fixed Interest--Varied Specialist
Investec Value Fund Domestic--Equity--Value
Investec Worldwide Equity Feeder Fund Foreign--Equity--General
Lynx Balanced Fund of Funds Domestic--Asset Allocation--Prudential Variable Equity
Lynx Cautious Fund of Funds Domestic--Asset Allocation--Prudential Low Equity
Marriott Core Income Fund Domestic--Asset Allocation--Flexible
Marriott Dividend Growth Fund Domestic--Equity--General
Marriott Income Fund Domestic--Fixed Interest--Varied Specialist
Marriott International Growth Feeder Fund Foreign--Asset Allocation--Flexible
Marriott International Real Estate Feeder Fund Foreign--Equity--Varied Specialist
Marriott Property Equity Fund Domestic--Real Estate--General
Marriott Property Income Fund Domestic--Real Estate--General
Marriott Prudential Income Fund of Funds Domestic--Asset Allocation--Prudential Variable Equity
Marriott Worldwide Flexible Fund of Funds Worldwide--Asset Allocation--Flexible
MitonOptimal IP Diversified Income Fund of Funds Domestic--Asset Allocation--Prudential Low Equity
MitonOptimal IP Flexible Fund of Funds Domestic--Asset Allocation--Flexible
MitonOptimal IP Prudential Fund of Funds Domestic--Asset Allocation--Prudential Variable Equity
MitonOptimal IP Worldwide Flexible Fund of Funds Worldwide--Asset Allocation--Flexible
Momentum Balanced Fund Domestic--Asset Allocation--Prudential Variable Equity
Momentum Bond Fund Domestic--Fixed Interest--Bond
Momentum Conservative Fund Domestic--Asset Allocation--Prudential Low Equity
Momentum Equity Fund Domestic--Equity--General
Momentum Financials Fund Domestic--Equity--Financial
Momentum High Dividend Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
Momentum High Tide Fund Domestic--Asset Allocation--Flexible
Momentum Income Plus Fund Domestic--Fixed Interest--Varied Specialist
Momentum International Equity Fund of Funds Foreign--Equity--General
Momentum Maximum Income Fund Domestic--Fixed Interest--Income
Momentum Moderate Fund Domestic--Asset Allocation--Prudential Medium Equity
Momentum Optimal Yield Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
Momentum Small Mid-Cap Fund Domestic--Equity--Smaller Companies
Momentum Strategic Opportunities Fund Domestic--Equity--Growth
Momentum Top 40 Index Fund Domestic--Equity--Large Cap
Momentum Value Fund Domestic--Equity--Value
Nedgroup Investments Equity Fund Domestic--Equity--General
Nedgroup Investments Flexible Income Fund Domestic--Fixed Interest--Varied Specialist
Nedgroup Investments Growth Fund Domestic--Equity--Growth
Nedgroup Investments Managed Fund Domestic--Asset Allocation--Prudential Variable Equity
Nedgroup Investments Optimal Income Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
Nedgroup Investments Positive Return Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
Nedgroup Investments Property Fund Domestic--Real Estate--General
Nedgroup Investments Rainmaker Fund Domestic--Equity--General
Nedgroup Investments Stable Fund Domestic--Asset Allocation--Prudential Low Equity
Nedgroup Investments Value Fund Domestic--Equity--Value
NFB Balanced Fund of Funds Domestic--Asset Allocation--Prudential Medium Equity
NFB Cautious Fund of Funds Domestic--Asset Allocation--Prudential Low Equity
Oasis Crescent Equity Fund Domestic--Equity--General
Plexus Allrounder Fund Domestic--Asset Allocation--Flexible
Plexus Endurance Fund of Funds Domestic--Asset Allocation--Prudential Low Equity
Plexus Flexible Income Fund Domestic--Fixed Interest--Varied Specialist
Plexus International Allrounder Fund of Funds Foreign--Asset Allocation--Flexible
Plexus Pacer Fund of Funds Domestic--Asset Allocation--Prudential Variable Equity
Plexus Sprinter Fund of Funds Domestic--Asset Allocation--Prudential High Equity
Prudential Balanced Fund Domestic--Asset Allocation--Prudential Variable Equity
Prudential Dividend Maximiser Fund Domestic--Equity--Value
Prudential Equity Fund Domestic--Equity--General
Prudential Global High Yield Bond Fund of Funds Foreign--Fixed Interest--Bond
Prudential Global Value Fund of Funds Foreign--Equity--General
Prudential High Yield Bond Fund Domestic--Fixed Interest--Bond
Prudential Inflation Plus Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
PSG Alphen Equity Fund of Funds Domestic--Equity--General
Nedgroup Investments Flexible Income Fund Domestic--Fixed Interest--Varied Specialist
Nedgroup Investments Growth Fund Domestic--Equity--Growth
Nedgroup Investments Managed Fund Domestic--Asset Allocation--Prudential Variable Equity
Nedgroup Investments Optimal Income Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
Nedgroup Investments Positive Return Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
Nedgroup Investments Property Fund Domestic--Real Estate--General
Nedgroup Investments Rainmaker Fund Domestic--Equity--General
Nedgroup Investments Stable Fund Domestic--Asset Allocation--Prudential Low Equity
Nedgroup Investments Value Fund Domestic--Equity--Value
NFB Balanced Fund of Funds Domestic--Asset Allocation--Prudential Medium Equity
NFB Cautious Fund of Funds Domestic--Asset Allocation--Prudential Low Equity
Oasis Crescent Equity Fund Domestic--Equity--General
Plexus Allrounder Fund Domestic--Asset Allocation--Flexible
Plexus Endurance Fund of Funds Domestic--Asset Allocation--Prudential Low Equity
Plexus Flexible Income Fund Domestic--Fixed Interest--Varied Specialist
Plexus International Allrounder Fund of Funds Foreign--Asset Allocation--Flexible
Plexus Pacer Fund of Funds Domestic--Asset Allocation--Prudential Variable Equity
Plexus Sprinter Fund of Funds Domestic--Asset Allocation--Prudential High Equity
Prudential Balanced Fund Domestic--Asset Allocation--Prudential Variable Equity
Prudential Dividend Maximiser Fund Domestic--Equity--Value
Prudential Equity Fund Domestic--Equity--General
Prudential Global High Yield Bond Fund of Funds Foreign--Fixed Interest--Bond
Prudential Global Value Fund of Funds Foreign--Equity--General
Prudential High Yield Bond Fund Domestic--Fixed Interest--Bond
Prudential Inflation Plus Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
PSG Alphen Equity Fund of Funds Domestic--Equity--General
PSG Alphen Income Fund of Funds Domestic--Fixed Interest--Varied Specialist
PSG Alphen Prudential Fund of Funds Domestic--Asset Allocation--Prudential Medium Equity
PSG Konsult Creator Fund of Funds Domestic--Equity--General
PSG Konsult Income Fund of Funds Domestic--Fixed Interest--Varied Specialist
PSG Konsult International Fund of Funds Foreign--Asset Allocation--Flexible
PSG Konsult Moderate Fund of Funds Domestic--Asset Allocation--Prudential Variable Equity
PSG Konsult Preserver Fund of Funds Domestic--Asset Allocation--Targeted Absolute and Real Return
RE·CM Global Flexible Fund Worldwide--Asset Allocation--Flexible
SIM Balanced Fund Domestic--Asset Allocation--Prudential Variable Equity
SIM Financial Fund Domestic--Equity--Financial
SIM General Equity Fund Domestic--Equity--General
SIM Inflation Plus Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
SMMI Absolute Solution 5 Fund of Funds Domestic--Asset Allocation--Targeted Absolute and Real Return
SMMI Long Term Growth Solution 7 Fund of Funds Domestic--Asset Allocation--Targeted Absolute and Real Return
SMMI Protection Solution 3 Fund of Funds Domestic--Asset Allocation--Targeted Absolute and Real Return
STANLIB Balanced Fund Domestic--Asset Allocation--Prudential Variable Equity
STANLIB Euro Currency Fund of Funds Foreign--Fixed Interest--Varied Specialist
STANLIB Income Fund Domestic--Fixed Interest--Income
STANLIB Property Income Fund Domestic--Real Estate--General
STANLIB US Dollar Cash Fund of Funds Foreign--Fixed Interest--Varied Specialist
Sygnia Alpha Plus Fund Domestic--Asset Allocation--Targeted Absolute and Real Return
Verso Multi-Manager Balanced Growth Fund of Funds Domestic--Asset Allocation--Prudential Variable Equity
Verso Multi-Manager Income Planner Fund of Funds Domestic--Fixed Interest--Varied Specialist
Verso Multi-Manager Secure Growth Fund of Funds Domestic--Asset Allocation--Targeted Absolute and Real Return
Xcede Balanced Fund of Funds Domestic--Asset Allocation--Prudential Variable Equity
Xcede Conservative Fund of Funds Domestic--Asset Allocation--Prudential Low Equity
Xcede Property Fund Domestic--Real Estate--General

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