We understand that you may have questions about the changes and next steps, so we have answered some of the common questions weve been asked so far.
Q: What does this mean for me?
A: For our investors, the change means that the organisation they will invest with will change names, to the Uniting Church SA Investment Fund Ltd (UCSAIF). The UCSAIF is the holder of an Australian Financial Services Licence (AFSL).
You can expect to speak with the same team, enquire about interest rates and investment products, and continue to support the Uniting Church community.
Q: Why do I have to sign a form saying I could lose some or all of my money?
A:This is a legal requirement that the Australian Securities and Investments Commission (ASIC) require Religious Charitable Development Funds to disclose to ensure that personal investors understand that a UC Invest account is not a bank account. We are not, and never have been, subject to the Government guarantee.
Your investments will continue to be financially backed by the investment resources of the Uniting Church in South Australia.
Q: What needs to be done now?
A: For us: UC Invest has undergone a lengthy process to receive an AFSL so we can continue to provide our investors with a proven, profitable investment service.
For you: Our investors will now need to confirm they will move their investments to UCSAIF. Any investors who do not sign the provided documents will have their accounts closed on 31 March 2018.
Refer to our checklist more information.
Q: When does this need to be done?
A: We need your confirmation documents back to us by Friday 16th March 2018. You can return the documents back to our office located at Level 2, 212 Pirie Street, Adelaide, via post, in the replied paid envelope provided with the documents, or via email to info@ucinvest.com.au.
Q: What happens if I don't sign the forms?
A: We are required to close your accounts effective from 31 March 2018 if you do not sign the forms. We will send you a cheque in early April which will be your balance and accrued interest to 31 March 2018.
Q: Will my accounts change?
A: No. Your accounts will be transferred with the same term, interest rate, maturity and account number that you currently have.
Q: Who is running the new company?
A: The same board, management and staff who have guided UC Invest for many years will continue to manage your investments.
Q: What about the grants that UC Invest used to make to the Church community?
A: Recently, UC Invest has granted over $2 million every year to the Mission & Service Fund of Uniting Church SA. Our dedication to the community and commitment to raising funds for the Uniting Church of South Australia will not change.
The vital Mission & Service Fund supports the facilitation of pastoral care to congregations, ministers and members, as well as enabling the much-needed ministry to youth and children. In addition, administration costs including accounting, human resources and payroll are all offset thanks to the UC Invest grant to the Mission & Service Fund. The vast amount is only achievable through the generosity of members who invest with UC Invest.
We will also continue to hold fundraising events, such as our Golf Day and Pancake Day, the donations from which are donated directly to the Church community.
If you have any further questions or concerns about the changes, please contact us on 1300 274 151 or info@ucinvest.com.au
