Industry Insights | 1 min read

Specific arrangements over the festive season

With the festive season at hand, we would like to communicate some specific arrangements with you.  These arrangements are in terms of income payments, the distribution of the quarterly statements, month-end dates and office hours.

Income payments

The public holidays during the festive season can impact on income payments and when clients receive the payments.  To accommodate this, income payments with dates ranging from 17 December 2021 to 3 January 2022 will be paid no later than 17 December 2021.  In cases where the income is only paid from Money Market funds, the income payment may be earlier than 17 December 2021.

This arrangement applies to all scheduled income payments from South African and Namibian products, except the FlexiGuarantee Life Annuity (FGLA). 

Where an investment is issued (as new business) in December 2021, with an income also scheduled for December, it may happen that the income of such a plan is paid later than 17 December 2021.

Quarterly statements

In the light of most of our intermediaries taking a well-deserved break over this time, we will distribute the statements to our email clients earlier than usual.

Statements for the period ending 30 November 2021will be distributed to clients as follows:

Quarterly client statement 30 November 2021

Sanlam month-end date is earlier in December than in other months

Please take note that the Sanlam month-end date (also known as “Vervaltrek”) for December is earlier than other months, which will affect the advice fee amount you’ll receive at the end of December. 

All fees from plans where the fee recovery date is after 10 December 2021 will only be paid to you at the end of January.  Fee recovery dates on plans cannot be moved, and it is therefore important for you to be aware of the fact that your December advice fee may be substantially lower than in other months.  This is due to this fee period (19 November 2021 to 10 December 2021) being shorter than other monthly fee periods.

This earlier date will not affect weekly paid intermediaries.

Glacier Client Services will be closed on 24 & 31 December 2021

We’re sure you’ll agree that this year was a challenging one.  We have therefore decided to grant our staff members a well-deserved break over the festive period and we will close the Client Services department on 24 and 31 December 2021. This may affect transaction times.

Please ensure that all urgent instructions, especially withdrawal instructions, reach us before 14:00 on 23 and 30 December.  You may also make use of the online functionality on our website.

Thank you for your continued support and commitment to Glacier during these unusual and challenging times.

We wish you a joyful festive season and a prosperous 2022. 

Glacier Financial Solutions (Pty) Ltd and Sanlam Life Insurance Ltd are licensed financial services providers.

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