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UTC – Important Service Changes

TRINIDAD AND TOBAGO UNIT TRUST CORPORATION

IMPORTANT NOTICE FOR CUSTOMERS:

OPERATIONAL CHANGES

The Unit Trust Corporation (UTC) is implementing a new technology platform designed to improve your customer experience and standardise our operations.
Effective Wednesday, 21st September 2022, we are required to make the following changes, due to this system upgrade:

GROWTH & INCOME FUND (GIF) AND UNIVERSAL RETIREMENT FUND (URF)

Our new technology platform will enhance how we value units for the GIF and the URF. As such, buying and selling units will be based on the most up-to-date prices when the Net Asset Value (NAV) is calculated at the end of the trading day.

WHAT DO THESE CHANGES MEAN FOR YOU?

WHEN BUYING UNITS
  • Investing with cash – investors buying units in the GIF and URF will know the price and number of units allocated at the beginning of the next working day.
  • Investing with a cheque – investors buying units in the GIF and URF will know the price and number of units allocated after the cheque is cleared. Cheques are cleared on the 5th working day after the transaction.
  • Investors buying and selling units are asked to register at an Investment Centre for email alerts on their transactions.
WHEN SELLING UNITS

Options for GIF customers:

  1. Electronic transfers / ACH – Customers who have signed up for our Automated Clearing House (ACH) facility can have their GIF funds transferred directly to their bank accounts. Funds transferred via ACH will be available in two (2) business days.
  2. Website – Log on to ttutc.com/repurchase, complete the repurchase request form and choose the options most convenient to you.
  3. Uon (previously U-online) – Log into your Uon account, submit the repurchase request form and choose the options most convenient to you.
  4. Transfer into a TT$ Income Fund – GIF customers can transfer funds into their TT$ Income Fund (TTIF). The TTIF allows same-day access to funds via a UTC TT$ Visa Debit Card.
  5. Cheque – Customers making repurchase requests via phone, website, and Uon before 2:30 pm can collect their cheque the next business day. For requests made after 2.30 pm, your cheque will be available in two (2) business days. Your cheque can be collected at an Investment Centre or Agency convenient to you. Be sure to walk with proof of National Identification.

Options for URF Customers:

Customers wishing to make a repurchase from their URF should make their request via letter, addressed to Assistant Vice President, Investment Centres, Unit Trust Corporation; stating the dollar amount of their repurchase and whether they wish to receive a cheque or have the funds transferred to their TTIF account.

Additional Information:

  • Cash repurchases will no longer be facilitated for the GIF and URF.
  • Unit prices are updated daily on our website and published in the Newsday and Express newspapers.

STUDENT INVESTMENT AND PROTECTION PLAN (SIPP), MONTHLY INVESTMENT PLAN (MIP) and CASH MANAGEMENT PLAN (CMP)

STUDENT INVESTMENT AND PROTECTION PLAN (SIPP), MONTHLY INVESTMENT PLAN (MIP) and CASH MANAGEMENT PLAN (CMP)

SIPP and MIP plans will be modified; however, customers will retain their investments in the Growth and Income Fund. Under the SIPP, accidental medical and dental insurance is no longer included as a feature. However, Pan American Life Insurance Group will honour the coverage until your plan expires.

The CMP will be modified; however, customers will retain their diversified portfolio in the Growth and Income Fund, TT$ Income Fund and Individual Retirement Unit Account (IRUA).

Investors will continue to benefit from:

  • Autonomy to decide how much to invest for the short, medium, and long-term in each fund
  • Capital appreciation and semi-annual distribution payments from the GIF and IRUA
  • A diversified portfolio that includes shares of local and international companies, traded on various stock exchanges and investment-grade corporate and government-guaranteed bonds.
  • Quarterly income from the TTIF

As your partners, we are here for you!

We take your trust seriously and thank you for your patience during this transition.

We encourage you to contact us via LiveChat below, or using any of the following channels:

  • Email: c3@ttutc.com or visaservices@ttutc.com
  • Phone: (868) 625-UNIT (8648)
  • Or ANY of our Investment Centres or Agents

FREQUENTLY ASKED QUESTIONS

Account Numbers, UTCID Numbers and Product Modification

Effective 21st September 2022, the Trinidad and Tobago Unit Trust Corporation (UTC) has introduced a new technology platform which requires us to make changes to your existing UTCID and Account Numbers. There will also be changes to the product codes for three funds.

Our new technology platform has resulted in changes to existing UTC ID Numbers, which will now be called CIF or Customer Information File Numbers.

Also changing are existing Account Numbers, which will now be called Investment IDs.

CIF Numbers will move from seven (7) to ten (10) digits, and Investment IDs will move from ten (10) to thirteen (13) digits.

Your UTC ID Number is now your CIF Number. It is used to identify your unique UTC investment profile, which houses your personal data and account details. Your CIF Number consists of 10 digits.

That is, your previous 7-digit UTCID, preceded by 3 zeros, as in the following example:

BEFOREAFTER
UTC ID NumberCustomer Information File (CIF)
12345670001234567

Your Account Number is now your Investment ID. You will have a unique Investment ID for each of your UTC Accounts. Your Investment ID consists of 13 digits. That is, your previous Account Number, preceded by 3 zeros, with no dashes or spaces, as in the following example:

BEFORE      

AFTER

Account Number

Investment ID

1234576-001

0001234576001

Each fund has a unique product code for ease of identification. These are the last three digits of the Investment IDs.
Three of our funds will have a new product code: Individual Retirement Unit Account (IRUA), Children Investment Starter Plan (CISP) and Pension Plus (PP).

FUND

BEFORE

AFTER

Account Number      

Investment ID

Individual Retirement Unit Account (IRUA)

1234576-001

0001234567022

Children Investment Starter Plan (CISP)

1234576-001

0001234567019

Pensions Plus (PP)

1234576-001

0001234567021

Yes, your new Number(s) will be reflected on future statements.

To see the full list of contact Numbers, visit https://www.ttutc.com/contact-us/
Our Contact Centre team is available from 7:00 a.m. to 10:00 p.m., including weekends and public holidays, at (868) 625-UNIT (8648), and we are happy to assist you with any queries about these updates or any other questions you may have.
You can also visit any one of our Investment Centres for more information.

Product Modification

As a result of our system upgrade, we are making the following Product/Fund modifications:

Student Investment Protection Plan (SIPP)

While your investment remains in the Growth and Income Fund (GIF), accidental medical and dental insurance is no longer included as a feature. All existing insurance premiums will be honoured by Pan American Life Insurance Group for the agreed-upon coverage period.

Yes, all existing insurance premiums will be honoured for the agreed-upon period covered by Pan American Life Insurance. For more information on SIPP Accounts, customers can contact our Contact Centre team, who is available to answer any questions from 7:00 a.m. to 10:00 p.m., including weekends and public holidays, at (868) 625-UNIT (8648).

Yes, 3 zeros will be added to the beginning of the Investment ID. However, the Account will remain a Growth and Income Fund.

Monthly Investment Plan (MIP)

While your investment remains in the Growth and Income Fund (GIF), fixed monthly investing is no longer included as a feature.

With these changes, you will continue to benefit from investments managed by one of the region’s most trusted, safe and stable organisations. These benefits include:

  • Autonomy to decide how much to invest for the short, medium, and long-term in each fund
  • Capital appreciation and semi-annual distribution payments from the GIF
  • A diversified portfolio that includes shares of local and international companies traded on various stock exchanges and investment-grade corporate and government-guaranteed bonds.

Not at all. If your Account has been active for at least 2 years and does not have a zero balance, your Account remains open. Your MIP Account will now be called a Growth and Income Fund, and this name will be reflected in your statements and receipts.

Only Accounts that have been inactive for 2 years and have a zero balance will be closed. 

Click here to view the requirements to open a new Account.  https://www.ttutc.com/faqs/ 

Your MIP remains as a Growth and Income Fund, and you can query your transactions history by visiting an IC or Agency. Click here for the list of ICs and Agencies https://www.ttutc.com/contact-us/ 

You can call our Contact Centre (868) 625-UNIT (8648) or contact us via our website https://www.ttutc.com/contact-us/ to request an interim statement or sign up for the eStatement portal. 

Yes, three (3) zeros will be added to the beginning of the existing Number to form your new Investment ID. However, the Account will remain a Growth and Income Fund.

Cash Management Plan (CMP)

While your investment remains in the Growth and Income Fund (GIF), TT$ Income Fund, and the Individual Retirement Unit Account (IRUA), automatic investing will no longer be included as a feature. 

With these changes, you will continue to benefit from investments managed by one of the region’s most trusted, safe and stable organisations. These benefits include:

  • Autonomy to decide how much to invest for the short, medium, and long-term in each fund
  • Capital appreciation and semi-annual distribution payments from the GIF and IRUA
  • A diversified portfolio that includes shares of local and international companies traded on various stock exchanges and investment-grade corporate and government-guaranteed bonds.
  • Quarterly income from the TTIF

Yes, customers can schedule an appointment by calling our Contact Centre team, available from 7:00 a.m. to 10:00 p.m. daily, including weekends and public holidays, at (868) 625-UNIT (8648) or visit our website www.ttutc.com to schedule an appointment.

Yes, customers will be issued three (3) new Account Numbers, one for each of the funds that formed part of your CMP portfolio, namely, the GIF, TTIF & IRUA.

Not at all. The funds that formed part of your CMP will stand on their own, and you will now have three separate Accounts for a diversified portfolio. Only Accounts that have been inactive for 2 years and have a zero balance will be closed. Click here to view the requirements to open a new Account.  https://www.ttutc.com/faqs/ 

The transaction history is already recorded in the underlying GIF, TTIF & IRUA Accounts. You can call our Contact Centre (868) 625-UNIT (8648) or contact us via our website https://www.ttutc.com/contact-us/ to request an interim statement or sign up for the eStatements portal. 

Valuation of Units in GIF and URF

Effective 21st September 2022, the UTC has introduced a new technology platform that changes how we value units for the Growth and Income Fund (GIF) and the Universal Retirement Fund (URF). As such, the buying and selling of units will be based on the most up-to-date prices when the Net Asset Value (NAV) is calculated at the end of the trading day.

Net Asset Value – NAV for short – is the term used to describe the value (price) of a single Unit. It is calculated at the end of the trading day.

The GIF and URF are known as Floating NAV funds. This means that the NAV of a unit in these funds changes daily, based on the performance of the pool of securities within the fund.

Formerly, the NAV used for buying and selling units in the GIF and URF was a historical NAV, i.e., a NAV calculated at the end of the previous trading day.

Our new technology platform facilitates the buying and selling of units based on the NAV calculated at the end of the day on which those units were bought or sold – providing our customers with the most up-to-date unit prices.

The following changes will come into effect for GIF and URF customers when buying and selling units –

When buying units

  • Investing with cash – investors buying units in the GIF and URF will be issued a receipt for the dollar amount of their purchase and will be informed of the NAV and number of units on the next working day.
  • Investing with a cheque – investors buying units in the GIF and URF will be issued a receipt for the dollar amount of their purchase and will be informed of the NAV and number of units after their cheque is cleared. Cheques clear in 4 working days, and your investment will be reflected in your account on the 5th working day.

When selling units

Options for GIF customers

  • Electronic transfers / ACH – Customers who have signed up for our Automated Clearing House (ACH) facility can have their GIF funds transferred directly to their bank accounts. Funds transferred via ACH will be available in two (2) business days.
  • Website – Log on to www.ttutc.com/repurchase, complete the repurchase request form and choose the options most convenient to you.
  • Uon (previously U-online) – Log into your Uon account, submit the repurchase request form and choose the options most convenient to you.
  • Transfer into a TT$ Income Fund – GIF customers can transfer funds into their TT$ Income Fund (TTIF), which will be available on the next working day. TTIF customers can enjoy easy access to their funds via their UTC TT$ Visa Debit Card.
  • Cheque – Customers making repurchase requests via phone, website, and Uon before 2:30 pm can collect their cheque the next business day. For requests made after 2.30 pm, your cheque will be available in two (2) business days. Your cheque can be collected at an Investment Centre or Agency convenient to you. Be sure to walk with proof of National Identification.

Options for URF Customers

  • Customers wishing to make a repurchase from their URF should make their request via letter, addressed to Assistant Vice President, Investment Centres, Unit Trust Corporation; stating the dollar amount of their repurchase and whether they wish to receive a cheque or have the funds transferred to their TTIF account.
  • Cash repurchases will no longer be facilitated.
  • You can register at any Investment Centre to receive alerts for account transactions. Once registered, a transaction alert will be sent to the email address that you provided.
  • Unit prices are updated daily on our website and published in the Newsday and Express newspapers.
  • Transaction details will also appear on your next account statement, which you can view by signing up for our eStatements portal or via our Uon platform.

Unit Sale

The dollar amount you invest will not be affected, and you will receive a receipt at the time of purchase reflecting the dollar amount. After the NAV is calculated for the day when the transaction was carried out, you will be informed via email alert of the number of units purchased and the price of the units after our systems update at the end of the day. This information will also be recorded on your e-Statements for the respective period or via our Uon platform for those customers who are registered.

For example, if you invested $550 on Monday and at the end of transactions for that day, the NAV was calculated at $10 per unit, you would receive 55 units. If the NAV for Monday was calculated at $11 per unit, you would receive 50 units.

Unit Repurchase

The dollar amount of your request will not be affected unless your account contains insufficient units to cover your request after the NAV is calculated.

For example, if you request a cheque for $500 on Tuesday and the NAV at the end of that day is calculated at $10, you will need to have at least 50 units in your account to receive the total amount requested. Once you have the necessary number of units available, you will receive your funds as requested.