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It is possible to transfer the assets of a pillar 3a account to a different provider or to convert it into a different third pillar product. Most providers do not require you to give notice. However, the money must remain in the 3a system and may not be transferred to a traditional bank account.
For this reason, customers are required to provide confirmation from their new provider showing the previous provider that the money will remain within the 3a system. In addition, the assets must be transferred in their entirety. Note that although banks will allow you to transfer your pillar 3a account in this way, insurance companies will not.
Letter template for closing and transferring a pillar 3a account
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