iFAST Financial is a Central Provident Fund Investment Scheme (CPFIS)-registered Investment Administrator (IA).

What is CPFIS-registered IA?

iFAST Financial Pte Ltd attained the CPFIS-registered Investment Administrator status on 1 March 2005. As an IA, iFAST Financial is able to draw a consolidated amount directly from your CPF agent bank for all your CPF investments. What this means is that you enjoy huge savings in agent bank charges when you invest your CPF monies. Please refer to the graphical representation of the new IA Buy Process.

Prior to becoming a CPFIS-IA, whenever you purchase a fund, iFAST Financial sent the instructions to the fund house, which would then draw monies from your CPF agent bank account to make payment for the purchase. If you purchase funds from different fund houses, each of them will individually draw from your CPF agent bank account. Each time this happens, you incur CPF agent bank charges.

Summary of Agent Bank Charges

Type of transaction	Before IA	After IA
Per buy transaction	*$2.50 per 1,000 units or part thereof subject to a maximum of $25 per fund	$2.50 regardless of number of units and number of funds
Per sell transaction	*$2.50 per 1,000 units or part thereof subject to a maximum of $25 per fund	$2.50 regardless of number of units and number of funds
Per fund switch (This involves a sell transaction followed by a buy transaction)	Sell: *$2.50 per 1,000 units or part thereof subject to a maximum of $25 per fund + Buy: *$2.50 per 1,000 units or part thereof subject to a maximum of $25 per fund	No agent bank charges incurred whatsoever
Quarterly service charge	*$2.00 per fund	$2.00 regardless of number of funds

*Based on DBS Bank and OCBC Agent Bank charges

What are the cost savings?

Summary of Cost Savings

	Transaction	"Non-IA" Status Funds that have been purchased before IA	"IA" Status Funds that have been purchased after IA	Cost Savings
BUY	I invest $10,000 each into 5 funds. Each fund is priced at $1.	I will be paying $25 on every fund. Total cost for 5 funds at point of transaction: $125 Quarterly charge: $40 per year TOTAL COST THAT YEAR: $165	Total cost for 5 funds at point of transaction: $2.50 Quarterly charge: $8 flat per year TOTAL COST THAT YEAR: $10.50	98% savings      80% savings    TOTAL SAVINGS THAT YEAR: 94%
SELL	I sell 5 funds each worth $10,000. Each fund is priced at $1.	I will be paying $25 on every fund. Total cost for 5 funds at point of transaction: $125 TOTAL COST THAT YEAR: $125	Total cost for 5 funds at point of transaction: $2.50 TOTAL COST THAT YEAR: $2.50	98% savings      TOTAL SAVINGS THAT YEAR: 98%
SWITCHING - Involves a sell transaction followed by a buy transaction	I switch $10,000 of 1 fund into another. Each fund is priced at $1.	Sell: I will be paying $25. Buy: I will be paying $25. TOTAL COST: $50	No agent bank charges incurred whatsoever.	TOTAL SAVINGS THAT YEAR:100%
RSP	I do a Regular Savings Plan (RSP) transaction of $1,000 into 5 fund every month for 1 year. Fund price is $1.	I will be paying $12.50 every month. TOTAL COST OF RSP TRANSACTION THAT YEAR: $150	I will be paying $2.50 a month. TOTAL COST OF RSP TRASACTION THAT YEAR: $30	TOTAL SAVINGS THAT YEAR: 80%

What are the other benefits I will enjoy?

The completion time for CPF transactions is faster. The completion of a CPF transaction is cut down by 50%. Now, it will take T+5 for your CPF transaction under "IA" to be completed instead of the previous T+10. This means that you are less exposed to market risk, because with faster completion, it means that you can sell faster if you need to.

Do I automatically enjoy all the above benefits?

You will automatically enjoy all the above benefits for the CPF-OA transactions put in after iFAST Financial became a CPFIS-registered IA in March 2005. In your "View Holdings" page, you will see "IA" indicated for this.

However, for funds bought before IA, you will not automatically enjoy all the above benefits. In your "View Holdings" page, you will see "Non-IA" indicated for these funds purchased before 1 March 2005. These funds will continue to incur full agent bank charges.

If you want to switch the status of your fund (assume it is Fund A) from “Non-IA” to “IA”, you will be required to do an intra-switch transaction from Fund A to the same Fund A. Effectively, we will sell your holdings under "Non-IA" on day T, and purchase them back under "IA" on T+5. However, do note that the 'sell' part of your switch will incur full agent bank charges, but the 'buy' part of it will enjoy the new low rate.

If you sell your "Non-IA" holdings, and you buy at a later time, the new purchases will be classified under the "IA" status.

I have an existing fund bought before IA (Indicated "Non-IA") and later invest in the same fund after IA (Indicated "IA"). How will it appear in my "View Holdings" page?

This fund will appear twice in your monthly statement and "View Holdings". They are indicated by "Non-IA" and "IA" respectively. The "Non-IA" units will continue to incur "Non-IA" agent bank charges until you do a switch (which involves a sell transaction followed by a buy transaction), or a sell.

I have an existing fund bought before IA and I wish to have it under IA. But the fund has closed for subscription. What happens?

You will not be able to purchase units as the fund cannot take in further subscriptions until further notice. This fund will continue to exist under "Non-IA".

If I transfer my CPF holdings from another distributor to Fundsupermart.com, will they be under "Non-IA" or "IA" status?

When you transfer your CPF holdings from another distributor to Fundsupermart.com, your funds will change from "Non-IA" status to "IA" status. No service charge will be incurred.