Transferring an iDeCo account

[RetireJapan]

Okay, so my wife has had an iDeCo account with Iwate Bank since before they were called iDeCo accounts, and back when Iwate Bank's offering was still competitive.

It seems like it no longer is. Check it out:

Monthly fee: 577 (best in class 167) -this is kind of trivial but money is money, right?
World stock fund: 0.27 (best in class 0.21 or 0.22)
Balanced fund: 0.39 (best in class 0.21)
Dividend active fund: 1.08 (no one else seems to have this product)

Current balance 3.5m, contributing 67,000 a month, ten years left to run.

I think it's going to be worth transferring, but where to? And what is the process? Right now I am considering SBI and Monex. Any thoughts?

[sutebayashi]

I started the switch process to Monex last week.

Basically it’s the same as signing up to Monex from scratch on the Monex website, but there is a question that asks whether you are a new iDeCo account customer, or if you are switching provider.

I entered that i am switching.

The next step in the website was to optionally select the funds you want to be in.

Then submit the website form.

A few days later in the mail they sent me all the paperwork, and one of them has my new allocations printed on to it. So that was the only reason I had to enter it into the website.

The next step will be for me to return the forms, and then just wait, so far as I could gather to this point. I plan to do this after my final contribution for this year is completed, so as to not mess with my year end adjustment.

So you could do this yourself too and have the forms sent to you, just to see. Nothing will change until you send the signed forms back.

[RetireJapan]

I started the switch process to Monex last week.

Thanks, that is very helpful

[sutebayashi]

Alrighty, after my final installment was paid last month, I put my iDeCo account transfer documents in the post to Monex.
Now on the Monex site I can see that they have received my documents on Jan 4 this year.

Let’s see how long it takes before I am all transferred over to Monex I am expecting around 2 months, from what I’ve read...

[RetireJapan]

Great, please keep us posted! I will probably get around to doing this for my wife at some point too

[sutebayashi]

Just found a report about switching from Rakuten to Monex here:
https://www.survive-m.com/money/ideco-h ... ml#iDeCo-5

Doesn’t seem to much to it, besides the waiting now.

As an aside, www.survive-m.com is full of info about the good deals for things like mobile plans.

[sutebayashi]

Well it is now more than a month since Monex indicates that my application to switch to them was received.

And NOTHING has happened since, that I can tell. I got something in the post from JIS&T the other day and thought, this is it, but no that just turned out to be a statement for last year. (Even that took a month to arrive in the New Year.)

As of today I still see all my money in the investments, as it was. And they deducted 12,000 from my bank account as usual on Jan 26.

I guess another month from now I might have further progress to report!

[sutebayashi]

Finally on the 15th I received some account info in the post from JIS&T, the materials were dated Feb 8.

It is a different account to the one I already have open with Rakuten.

I tried to then login to the new one via Monex, but got a ‘not registered’ error upon attempting.

So I guess the next step is the assets in the old account will somehow, sometime be transferred to the new account, and I’ll be able to see it at Monex sooner or later.

When I checked the old account a few days back it appeared that my meager funds were still invested, as of then.

[Tony]

Sorry if it's a little off topic, but what was your reasoning for switching from Rakuten to Monex?

[sutebayashi]

I have NISA with Monex, and I want to see it all in one place. That’s it really. Monex is also carrying the eMAXIS funds that I like too.